Stocks Continue to Climb

The Nasdaq remains in record territory.
Publish date:

The major market averages were solidly higher at midmorning. However, the big tech stock surge at the open has cooled somewhat.


Dow Jones Industrial Average

was up 55 to 10,018.


(T) - Get Report



(AA) - Get Report

were leading the Dow. Alcoa was up 1, or 2%, to 42 1/16, after it beat analysts' estimates for first-quarter earnings. The company reported first-quarter earnings of 60 cents a share, beating the 16-analyst

First Call

consensus estimate of 54 cents, but down from the year-ago 62 cents. AT&T was up 3 1/2, or 4%, to 83 5/8


S&P 500

was up 9 to 1327. The

Nasdaq Composite Index

was up 13 to 2576. The Nasdaq Comp was in record territory, but off its highs. The Comp had surged as much as 33 points earlier.

The small-cap

Russell 2000

lagged the other major market barometers badly. It was up 1 to 402. Internet Sector

index was up 7 to 727.



was up 4 11/16 to 219 1/2. The cyberspace giant is slated to report earnings today. E-Commerce Index

was up 2 to 125.

Overall, John Roque, senior analyst at

Arnhold & S. Bleichroeder

is cautious on the market.

Roque, in a note this morning, wrote he'd feel a lot better about stocks if bond yields fell below 5.42%. Conversely, a move in yields up above 5.69% would be a big negative for stocks.

The 30-year Treasury bond was up 3/32 to 96 4/32, yielding 5.52%.

On the

New York Stock Exchange

, advancers were beating decliners 1,318 to 1,166 on 204 million shares. On the Nasdaq, winners were leading losers 1,555 to 1,507 on 325 million shares.

On the NYSE, 48 issues had set new 52-week highs while 41 had touched new lows. On the Nasdaq, 84 issues had set new highs while new lows totaled 58.

On the Big Board,



was most active, with 9 million shares changing hands. It was up 1/2 to 65 1/8.

On the Nasdaq,

Network Associates


was most active, with 19 million shares changing hands. It was down 5, or 23%, to 17. Yesterday the company warned first-quarter earnings would fall below Wall Street estimates. The company also yesterday reported fourth-quarter earnings of 50 cents a share, 4 cents ahead of the 20-analyst First Call view and above the year-ago 22 cents. Today a host of analysts downgraded the stock.

9:59 a.m.: Nasdaq Adds to Tuesday's Record Close

Technology stocks were taking off again in the early going, with the

Nasdaq Composite Index

pacing the market's major averages on the upside.

The Nasdaq Comp, which closed at a record high yesterday, was up 24 to 2587. Meanwhile, the

Dow Jones Industrial Average

was up 47 to 10,011. The

S&P 500

was up 7 to 1325. The

Russell 2000

was up 1 to 403. Internet Sector

index was up 13 to 733. E-Commerce Index

was up 2 to 126.

The 30-year bond was down 2/32 to 95 31/32, yielding 5.53%.


(REV) - Get Report

said it is considering the sale of one of more of its businesses. Revlon was up 3 1/4, or 16%, to 23 1/4.

Most Up at Open -- NYSE

Sony (SNE) - Get Report, up 3 5/16 to 99 1/2


Most Up at Open -- Nasdaq

InfoSpace (INSP) - Get Report, up 19 1/2 to 109 1/8

: The company set a 2-for-1 stock split.

Most Down at Open -- NYSE

Glaxo Wellcome (GLX) , down 13/16 to 69 1/2

: The

Food and Drug Administration

told Glaxo it plans to extend a review of the company's drug


beyond April 27, the drug titan said.

Most Down at Open -- Nasdaq

Engineering Animation (EAII) , down 17 11/16 to 22 1/4

: The company expects first-quarter revenues to fall 15% below analysts' expectations and first-quarter earnings to come in below Wall Street expectations. The six-analyst

First Call

consensus estimates calls for earnings of 26 cents a share.