Major market averages were weaker at midmorning, giving back some of the ground gained in yesterday's broad-based rally.

As for the situation in the Balkans, a U.S. warship fired a Tomahawk missile today, the first daylight attack since


forces began air strikes against Yugoslavia earlier this week,




Dow Jones Industrial Average

was down 58 to 9779. The big-cap

S&P 500

was down 9 to 1281, while the

Nasdaq Composite Index

was down 9 to 2426. The small-cap

Russell 2000

down fractionally at 393. Internet Sector

index was down fractionally at 627. E-Commerce Index

was down fractionally at 112.

Although the market is slightly weaker today, stocks are currently overall in a monthly time of vigor, according to some.

"We're into our monthly strength cycle," said Harry Laubscher, market analyst at

Tucker Anthony

, noting the "strength cycle" is the last couple of days of the month and the first three or four days of the month when there is typically strength in the market.

He said he's expecting the market to rise into the latter part of next week and the Dow to get back above 10,000. However, he's suggesting to clients to keep selling into strength.

Laubscher said he still likes the energy sector -- a sector he's liked for a few months now -- and some of the cyclical stocks, but the same can't be said for tech.

"The technology stocks we think are really dangerous," he said.

Looking ahead, Laubscher noted that from May to the end of October is historically not a favorable time for the market.

The 30-year Treasury bond was up 19/32 to 95 23/32, yielding 5.54%.

Laubscher said bonds are oversold.

Meanwhile, stock-information company

PC Quote


has surged 7/8, or 10%, to 9 9/16.

reported last night that

, a financial news site, is in discussions with PC Quote to partner on a joint Internet venture, according to people familiar with the discussions.

On the

New York Stock Exchange

, decliners were beating advancers 1,487 to 1,009 on 192 million shares. On the Nasdaq, losers were leading winners 1,671 to 1,367 on 229 million shares.

On the NYSE, 48 issues had set new 52-week lows while 10 had touched new highs. On the Nasdaq, 42 issues had set new lows while new highs totaled 23.

On the Big Board,

America Online


was most active, with 8 million shares changing hands. It was down 1 1/8 to 125 1/2.

On the Nasdaq,


(DELL) - Get Report

was most active, with 8 million shares changing hands. It was up 3/16 to 38 1/4.

9:52 a.m.: Stocks Fall After Thursday's Rally

Stocks were down early on after

yesterday's widespread rally led by the tech sector.


Dow Jones Industrial Average

was down 69 to 9768. The

S&P 500

was down 10 to 1280. The

Nasdaq Composite Index

was down 21 to 2414. The

Russell 2000

was down 2 to 391.

Internet stocks were giving up some of the ground they gained in yesterday's rally. Internet Sector

index was down 9 to 619. E-Commerce Index

was down 1 to 111.

The 30-year Treasury bond was up 25/32 to 95 29/32, yielding 5.53%.

Most Up at Open -- NYSE

Telebras (TBH) , up 3 1/16 to 82 5/8


Most Up at Open -- Nasdaq

Sepracor (SEPR) , up 6 3/4 to 125


Most Down at Open -- NYSE

Sony (SNE) - Get Report, down 3 11/16 to 95

: Sony said it is buying a 50% stake in a new firm intended for setting up an Internet brokerage.

Most Down at Open -- Nasdaq

CMGI (CMGI) , down 5 15/16 to 180 1/2