Rally in Tech Issues Boosts Stocks

Earnings reports are also buoying the market.
Publish date:

Technology stocks were surging early on after sitting out

yesterday's rally for the most part, as Internet stocks were flying again.


Dow Jones Industrial Average

was up 32 to 10,372. The

S&P 500

was up 3 to 1361. The

Nasdaq Composite Index

was up 25 to 2624. The

Russell 2000

was up 5 to 418.

TheStreet.com Internet Sector

index was up 26 to 817.

TheStreet.com E-Commerce Index

was up 8 to 144.

A host of earnings results were released this morning, as companies on balance reported in-line or better-than-expected numbers.

The 30-year Treasury bond was down 3/32 to 96 31/32, yielding 5.46%.

A couple of key economic reports were released this morning. The Labor Department reported the overall

Consumer Price Index

rose 0.2% in March, while excluding food and energy prices, it rose 0.1%, less than expected by the


consensus forecast of economists.

Meanwhile, the

Commerce Department


retail sales

in March rose 0.2%, while excluding autos, sales rose 0.5%.

On the heels of strong earnings reports from

Merrill Lynch





boosted the brokerage sector. The

American Stock Exchange Broker/Dealer Index

was up 8%.

Most Up at Open -- NYSE

National Discount Brokers (NDB) , up 7 5/16 to 62 5/8


Most Up at Open -- Nasdaq

Net.B@nk (NTBK) , up 26 1/2 to 185

: The company set a 3-for-1 stock split.

Most Down at Open -- NYSE

General Electric (GE) - Get Report, down 2 1/2 to 114


Most Down at Open -- Nasdaq

SkyMall (SKYM) , down 6 3/8 to 16 3/4

: The company yesterday said it expects to post revenues of $13 million in the first quarter, down from the $13.2 million in the year-ago period and it expects to post a loss of between $1.00 to $1.20 a share in 1999.