Stellar Tech Sector Bolsters Major Indices

IBM is leading the charge higher, giving the Dow a big boost.
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Broad strength remained the rule of the day on Wall Street as

IBM

(IBM) - Get Report

continued to spark the

Dow Jones Industrial Average

and inspire the rest of the tech sector.

IBM, cruising higher after a positive analyst meeting yesterday, was up 14 9/16, or 6%, to 240 1/16 and was on pace for yet another all-time closing high. That boost had the Dow up 72 to 11,072, with about 68 points of that gain coming from the Armonk Armada. The

S&P 500

was up 6 to 1370.

The tech-laced

Nasdaq Composite Index

was up 20 to 2627, with

Cisco

(CSCO) - Get Report

and

Yahoo!

(YHOO)

leading the way but

Intel

(INTC) - Get Report

not participating.

TheStreet.com Internet Sector

index was up 5 to 662, and the still-rallying

Russell 2000

was up 3 to 452.

Market internals glowed with health.

New York Stock Exchange

advancers were leading decliners 1,641 to 931 on 240 million shares. On the

Nasdaq Stock Market

, 1,881 advancers were ahead of 1,293 decliners on 339 million shares. New 52-week highs were outpacing new lows 63 to 10 on the Big Board and 87 to 14 on the Nasdaq.

America Online

(AOL)

was in its accustomed place as leader of the NYSE's most actives, up 11/16 to 139 1/8 on 6 million shares.

Oracle

(ORCL) - Get Report

was most active on the Nasdaq, down 1 15/16, or 8%, to 23 7/16 amid expectations that the company will preannounce an earnings shortfall.

10:02 a.m.: IBM Rally Powers Dow

The clean pates and luxuriant locks of Wall Street have their rally caps in place this morning, at least in the tech game, with enthusiasm about

IBM

(IBM) - Get Report

helping to send major indices higher.

Coming off a strong analyst meeting yesterday, IBM was up 11 1/2 to 237 in early trading and was the

New York Stock Exchange's

biggest opening gainer.

Merrill Lynch

and

Credit Suisse First Boston

were among the firms genuflecting in Large Cerulean's direction this morning.

The

Dow Jones Industrial Average

was up 67 to 11,067, but 54 points of that was coming from Fat Periwinkle. The

S&P 500

was up 7 to 1371.

The more tech-focused

Nasdaq Composite Index

was up 23 to 2629, led by

Cisco

(CSCO) - Get Report

,

MCI WorldCom

(WCOM)

,

Yahoo!

(YHOO)

and

Amazon.com

(AMZN) - Get Report

.

TheStreet.com Internet Sector

index was up 7 to 664.

The smallish-cap

Russell 2000

was up 3 to 452.

The bellwether 30-year Treasury bond was up a strong 22/32 to 92 19/32, its yield easing to 5.78%.

Most Up at Open -- Nasdaq

CMGI (CMGI) , up 5 5/8 to 245 3/8

: The company formed an alliance in which

Gateway

(GTW)

will take a $200 million stake in CMGI.

Most Down at Open -- NYSE

Caterpillar (CAT) - Get Report, down 1 to 59 3/4

.

Most Down at Open -- Nasdaq

Immunex (IMNX) , down 5 5/8 to 133 13/16

: The stock soared yesterday on word that Immunex will seek expanded uses of its

Enbrel

drug for rheumatoid arthritis.