Investors are back in the saddle after some bearish

Fed

comments and dot-com hackers threw them off of their bullish ride down Wall Street. At the midday mark, yesterday's sellers were ready to buy growth again, with the tech-laden

Nasdaq Composite Index

showing huge gains while the

Dow Jones Industrial Average

trailed.

"The focus is still on tech," said Randy Billhardt, co-head of block trading at

PaineWebber

. "They proved that regardless of interest-rate fears, they're still the leaders of the market. Until proven differently, that's where the growth has been and will continue to be and unfortunately, the blue-chips have suffered as a result. Just look at

Cisco

(CSCO) - Get Report

," referring to Cisco edging out

General Electric

(GE) - Get Report

as the second-largest U.S. company.

As usual, today's trading session is proof that investors are sticking with the big growth names that have been good to them in the past. That's making other sectors relatively attractively valued, and some investors are seeing that as an opportunity.

""There are a lot of great companies that are at attractive prices that are just waiting for a catalyst," said Brian Gilmartin, portfolio manager at

Trinity Asset Management

. "Consumer spending is strong and retailers can benefit from that. They're also using the Internet to take costs out of their P&L, seeing the Web not as a competitive threat but an advantage." The

S&P Retail Index

was up 0.3%.

Lately, the Nasdaq was climbing 80, or 1.8%, to 4444.

In Nasdaq trading,

Network Solutions

(NSOL)

was jumping 38 1/4, or 14.9%, to 294 1/4 after posting better-than-expected fourth-quarter earnings.

Elsewhere in tech land,

TheStreet.com Internet Sector

index was bouncing back from yesterday's "hacked" losses, up 17, or 1.5%, to 1164.

Check Point Software Technologies

(CHKP) - Get Report

and

RealNetworks

(RNWK) - Get Report

were on the upside, while

Yahoo!

(YHOO)

and

eBay

(EBAY) - Get Report

were tiptoeing back into positive territory after spending some time in the red.

Not all investors are attributing yesterday's selloff to this week's hacking activity. In fact, Gilmartin said that the problems could actually boost sellers of business systems.

"I think the idea of hacking being a force behind the market is overblown," he said. "I think the Internet companies will actually benefit because it will make them more secure because they're working feverishly to prevent it from happening again. This could help e-commerce, too."

Perhaps the better explanation for yesterday's losses came from the

Treasury Department

saying it would take a broader approach to scaling back on future issuance, not just focusing on the benchmark 30-year. Lately, the market has been turning to the 10-year and 5-year Treasury notes as a more accurate market indicator. "You need a certain amount of liquidity in the market," Gilmartin said. "If the Treasury would buy back the 30-year, then that liquidity would dry up, which has people looking to the 5- and 10-year."

Lately, the 30-year Treasury was down 23/32 to 96 24/32, yielding 6.37%, while the 10-year was off a more modest 7/32 to 99 6/32, yielding 6.61%. (For more on the fixed-income market, see today's

Bond Focus.)

The

Dow Jones Industrial Average

was down 9 to 10,690, after posting the third-largest point and percentage loss of the year yesterday. Tech heavyweight

Intel

(INTC) - Get Report

, up 1.5%, was fighting to keep the index in the green.

On the

New York Stock Exchange

,

UnumProvident

(UNM) - Get Report

was sinking 9 1/4, or 36%, to 16 7/16, after a disappointing fourth-quarter earnings report.

Biotechs were showing continued strength during today's session. The

Nasdaq Biotech Index

was up 1.7%, with

Curagen

(CRGN)

leading the pack.

The broad

S&P 500

was climbing 6 to 1417, while the small-cap

Russell 2000

was lifting 5 to 541.

Market Internals

Breadth was mixed on moderate volume.

New York Stock Exchange:

1,243 advancers, 1,626 decliners, 637 million shares. 62 new 52-week highs, 185 new lows.

Nasdaq Stock Market:

2,133 advancers, 1,817 decliners, 1.1 billion shares. 237 new highs, 54 new lows.

For a look at stocks in the midsession news, see Midday Movers, published separately.