Stellar Tech Sector Bolsters Major Indices
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.
