Heading into the afternoon, stocks continued to meander.

That's not a new thing -- broadly speaking, stocks have been meandering not just today, but all year long. On Dec. 31 the

S&P 500

finished at 1229.23. It was lately off 3 to 1223. So much for getting anywhere.

It's a nervous market, explained Ned Collins, executive vice president of U.S. stocks at

Daiwa Securities America

. "Bonds are still under pressure," he said. "There are a lot of earnings things that are being announced."

But still, the market has been able to hang in there pretty well. Which means nobody's satisfied. "It's a frustrating time for both the bulls and the bears," said Collins.

Major indices had all dipped into the red side of the flat line. The

Dow Jones Industrial Average

was down 31 to 9267. The

Nasdaq Composite Index

was off 9 to 2250. And

TheStreet.com Internet Sector Index

was off 11 to 517.

Breadth, too, was on the negative side. In

New York Stock Exchange

action, decliners were leading advancers 1,556 to 1,250 on 481 million shares. On the

Nasdaq Stock Market

, decliners led advancers 2,141 to 1,462, with 571 million shares crossing hands.

Treasuries continued to fall as bond traders kept fretting about what Friday's

jobs report

might bring. The long bond was off 30/32 to 93 25/32, lifting the yield to 5.69%.

12:55 p.m.: Midday Musings: Market Trades in Range as Players Weigh Tech Pullback

11:46 a.m.: Stocks Erase Early Gains

An optimistic start to the session has turned sour and as the lunch hour approaches on Wall Street, the market's major indices were all in negative territory.

The

Nasdaq Composite Index

was down 9 to 2250.

Intel

(INTC) - Get Report

, rebounding from its recent weakness, was up 1 1/8 to 110 15/16.

The

Dow Jones Industrial Average

was down 24 to 9273. The

S&P 500

was down 3 to 1223. The

Russell 2000

was down 2 to 392.

The 30-year bond was down a sharp 20/32, to 94 3/32, yielding 5.66%.

TheStreet.com Internet Sector

was down 8 to 519.

TheStreet.com E-Commerce Index

was down 1 to 96.

On the

New York Stock Exchange

, decliners were beating advancers 1,474 to 1,097 on 295 million shares. On the

Nasdaq Stock Market

losers were beating winners 1,876 to 1,357 on 370 million shares.

On the NYSE, 51 issues had set new 52-week lows while 17 had touched new highs. On the Nasdaq, 55 issues had set new lows while new highs totaled 26.

On the Big Board,

Compaq

(CPQ)

was most active with 14 million shares changing hands. It was up 1/2, or 2%, to 32 7/16.

Tech Focus

3Com

(COMS)

was getting pounded in the wake of its earnings warning yesterday. The company said after the close that it sees third-quarter operating earnings of 23 cents a share because of seasonal weakness and a slowdown in U.S. and Latin American markets. The 26-analyst

First Call

view called for the network equipment maker to earn 36 cents. Earlier, the stock hit a 52-week intraday low when it cratered at 22 3/4. It was last down 3 1/2 to 23 7/16. It was most active on the Nasdaq on volume of 37 million.

Meanwhile, among the major tech indices, the

Nasdaq 100

was down fracionally, while the

Morgan Stanley High-Tech 35

shed 1%. The

Philadelphia Stock Exchange Semiconductor Index

was up 1%.

--

Brian Louis

10:53 a.m.: Stocks Near Flat After Falling from Session Highs

After popping out of the gate, the major market averages faded and were little changed at midmorning.

The

Nasdaq Composite Index

was up 4 to 2263.

The

Dow Jones Industrial Average

was up 8 to 9305. The

S&P 500

was up 1 to 1226.

The

Russell 2000

was down 1 to 394.

The 30-year Treasury bond was down 10/32 to 94 12/32, yielding 5.64%.

In techland,

3Com

(COMS)

was down 3 7/16, or 13%, to 23 9/16, after its earnings warning

yesterday after the close. It was most active on the

Nasdaq Stock Market

on volume of 28 million shares.

TheStreet.com Internet Sector

was down 3 to 525.

TheStreet.com E-Commerce Index

was up 1 to 98.

Peter Cardillo, chief strategist at

Westfalia Investments

, sees the Dow trading in a range of 9300 to 9500 for the balance of the week.

On the

New York Stock Exchange

, decliners were beating advancers 1,225 to 1,190 on 195 million shares. On the Nasdaq, losers were beating winners 1,520 to 1,360 on 248 million shares.

On the NYSE, 33 issues had set new 52-week lows while 14 had touched new highs. On the Nasdaq, 34 issues had set new lows while new highs totaled 24.

On the Big Board,

Compaq

(CPQ)

was most active with 9 million shares changing hands. It was up 5/8, or 2%, to 32 9/16.

--

Brian Louis

9:57 a.m.: Tech Rally Boosts Stocks

Stocks opened higher, led by the tech sector which pushed the market down

yesterday.

The

Nasdaq Composite Index

was up 20 to 2279. The

Dow Jones Industrial Average

was up 30 to 9327. The

S&P 500

was up 5 to 1230. The

Russell 2000

was up 1 to 396.

TheStreet.com Internet Sector

was up 12 to 540.

TheStreet.com E-Commerce Index

was up 3 to 100.

The 30-year Treasury bond was down 4/32 to 94 18/32, yielding 5.63%.

Most Up at Open -- NYSE

Nokia (NOKA) , up 1 3/8 to 136 3/8

.

Most Up at Open -- Nasdaq

Architel (ASYCF) , up 7 17/64 to 22 15/16

:

Amdocs

(DOX) - Get Report

yesterday said it plans to buy Architel in a stock deal valued at $400 million.

Most Down at Open -- NYSE

DaimlerChrysler (DCX) , down 2 1/16 to 88 7/8

.

Most Down at Open -- Nasdaq

StaffMark (STAF) - Get Report, down 2 15/16 to 9 1/2

: Yesterday the company issued a first-quarter earnings warning.

--

Brian Louis