Stocks Test Session Lows

The bond market is still suffering, down about a point.
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The major market averages were just off their session lows early this afternoon, while Internet and airline stocks were notable on the up side.

Surprising no one, investment banking titan

Goldman Sachs

(GS) - Get Report

was sharply higher in its first day of trading, up 18 5/8, or 35%, to 81 58. It was most active on the

New York Stock Exchange

, with 19 million shares changing hands. Its intraday peak is 77 1/4.

The

Dow Jones Industrial Average

was down 82 to 10,932. Yesterday, the Dow closed above 11,000 for the first time.

American Express

(AXP) - Get Report

was the biggest drag on the Dow, down 5 3/8 to 128.

The

S&P 500

was down 16 to 1339.

The

Nasdaq Composite Index

was down 11 to 2524.

Elsewhere, the

Russell 2000

was up 2 to 436.

TheStreet.com Internet Sector

index was up 5 to 638.

The 30-year Treasury bond was down 31/32 to 93 7/32, yielding 5.73%.

Airline stocks were powering the

Dow Jones Transportation Average

to beefy gains on the day.

AMR

(AMR)

, parent of American Airlines, was up 3 to 72 9/16;

Delta Air Lines

(DAL) - Get Report

was up 3 1/2 to 67 3/4, while

US Airways

(U)

was up 2 3/4 to 57 3/8.

The

American Stock Exchange Airline Index

is soaring, up 4%.

On the NYSE, advancers were edging decliners 1,478 to 1,435 on 618 million shares. On the Nasdaq, losers were leading winners 1,990 to 1,786 on 596 million shares.

On the NYSE, 101 issues had set new 52-week highs while 13 had touched new lows. On the Nasdaq, 64 issues had set new highs while new lows totaled 46.

On the Nasdaq,

Microsoft

(MSFT) - Get Report

was most active, with 23 million shares changing hands. It was down 15/16 to 79.

Focus: Today's Other Trading Debuts

Mapquest.com

(MQST)

was lately up 10, or 67%, to 25, in its trading debut. The online map and directions provider's 4.6 million-share IPO was priced last night at $15 a share. The stock hit an intraday high of 28.

Flycast Communications

(FCST)

, a Web advertising network, was up 8 1/2, or 34%, to 33 1/2. Its 3 million-share IPO was priced last night at $25 a share. The stock hit an intraday high of 37.

1:20 p.m.: Midday Musings: Goldman Gets a Hearty Welcome but Doesn't Share the Wealth

12:02 p.m.: Stocks Mixed as Goldman Soars in Its Debut

While

Goldman Sachs

(GS) - Get Report

has leapt in its trading debut, the major market averages were mixed late this morning.

Goldman stock was up 18 9/16, or 35%, to 71 9/16, and was most active on the

New York Stock Exchange

, with 16 million shares changing hands. Its intraday peak is 77 1/4.

Technology and Internet stocks were rebounding from their recent selloffs. Transportation stocks were soaring.

The

Nasdaq Composite Index

was up 11 to 2547.

TheStreet.com Internet Sector

index was up 11 to 644.

Blue chips were softer. The

Dow Jones Industrial Average

was down 31 to 10,983. Financial services powerhouse

American Express

(AXP) - Get Report

was the biggest drag on the Dow, down 4 to 129 3/8.

The

S&P 500

was down 8 to 1347. The

Russell 2000

was up 3 to 436.

The

Dow Jones Transportation Average

was up 2%.

The 30-year Treasury bond was down 1 1/32 to 93 7/32, yielding 5.73%.

The poor performance of the bond market lately has become a cause of concern for some market analysts. Some analysts have said recently that the stock market will be focusing more closely on interest rates now that earnings season is drawing to a close.

In a note to clients yesterday sent out before the open, John Roque, senior analyst at

Arnhold & S. Bleichroeder

, wrote that he's cautious on the market because he said the yield on the 30-year bond will move above 5.7% with the next target being 6.1% and the bond futures contract will close below 119 9/32.

He also wrote that his concern about the market will grow if the

Philadelphia Stock Exchange Utility Index

makes a new low beneath 300, and if the

Philadelphia Stock Exchange/KBW Bank Index

closes under 836. He has first support for the utility index at 310 and for the bank index at 900.

Late this morning, the utility index was down 1% to 322.90, while the bank index has slumped 2% to 915.12.

Another cause of concern for Roque is recent action in bellwether stock

General Electric

(GE) - Get Report

. GE "is acting very, very poorly," he said in an interview this morning, adding that he thinks the stock is going to test the 100 level. GE was down 1/2 to 105 1/8.

On the Big Board, advancers were beating decliners 1,531 to 1,264 on 421 million shares. On the

Nasdaq Stock Market

, losers were beating winners 1,750 to 1,718 on 406 million shares.

On the NYSE, 95 issues had set new 52-week highs while 9 had touched new lows. On the Nasdaq, 52 issues had set new highs while new lows totaled 33.

On the Nasdaq,

Microsoft

(MSFT) - Get Report

was most active, with 15 million shares changing hands. It was up 5/8 to 80 1/2.

Tech Focus

Tech sector barometers were higher. The

Nasdaq 100

was up 1%, while the

Morgan Stanley High-Tech 35

was up fractionally. The

Philadelphia Stock Exchange Semiconductor Index

was up 1%. The

Philadelphia Stock Exchange Computer Box Maker Index

was up fractionally.

In the news,

Getronics

, a Dutch information technology company, is buying

Wang Global

(WANG)

in a deal worth about $2 billion. Getronics will buy all 46 million outstanding Wang shares for $29.25 each, a 15% premium over Wang's closing price yesterday.

Wang was up 3 1/4, or 13%, to 28 3/4.

In other news,

Wall Data

(WALL)

was sharply lower after yesterday warning it will report a fourth-quarter net loss due to its restructuring into two separate companies. The stock was down 4, or 26%, to 11 3/8. The

First Call

single-analyst estimate called for operating earnings of 25 cents a share vs. the year-ago profit of 7 cents. The company also said it hired an investment bank to explore the possibility of selling its

Rumba

Internet-hosting business or spinning off its

Cyberprise

enterprise information business.

10:55 a.m.: Goldman Makes a Smashing Debut but Most Other Stocks Falter

Goldman Sachs

(GS) - Get Report

was soaring in its trading debut, while the market's major gauges were mostly weaker at midmorning.

Goldman was up 22 1/4, or 42%, to 75 1/4. Its IPO was priced yesterday at $53 a share. It was second-most active on the

New York Stock Exchange

, with 10 million shares changing hands.

Meanwhile, Internet stocks were showing signs of life after having taken a beating lately, while in the bond market, the Treasury market was down.

The 30-year Treasury bond was down 30/32 to 93 7/32, yielding 5.73%. The long bond's weakness of late has caused some alarm among some stock-market watchers.

TheStreet.com Internet Sector

index was up 15 to 648.

CMGI

(CMGI)

was soaring, up 19 11/16, or 8%, to 255.

The

Dow Jones Industrial Average

was down 38 to 10,977.

American Express

(AXP) - Get Report

was the biggest drag on the Dow, off 3 3/16 to 130 3/16.

Elsewhere, the

S&P 500

was down 9 to 1346.

The

Nasdaq Composite Index

was down 1 to 2534. The

Russell 2000

was up 2 to 436.

On the

New York Stock Exchange

, advancers were beating decliners 1,400 to 1,172 on 279 million shares. On the Nasdaq, winners were beating losers 1,590 to 1,568 on 254 million shares.

On the NYSE, 79 issues had set new 52-week highs while 7 had touched new lows. On the Nasdaq, 43 issues had set new highs while new lows totaled 20.

On the Big Board,

Key Energy Services

(KEG) - Get Report

was most active, with 11 million shares changing hands. It was up 1/8 to 3 5/16.

On the Nasdaq,

Microsoft

(MSFT) - Get Report

was most active, with 9 million shares changing hands. It was up 3/16 to 80 3/16.

10:03 a.m.: Stocks Mostly Up After Monday's Record-High Close

The major market averages were mostly higher early on, a day after the

Dow Jones Industrial Average

closed above 11,000 for the first time ever

yesterday.

Meanwhile,

Goldman Sachs

(NYSE:GS) will begin trading today on the

New York Stock Exchange

. Shares of the investment bank were indicated at $70 to $80.Goldman's IPO was priced yesterday near the top of its range at $53 a share. An additional 9 million shares were added to the 60 million-share deal when Goldman exercised its overallotment option, bringing total proceeds to $3.7 billion.

TheStreet.com

wrote about the IPO in a story

last night.

The Dow was up 13 to 11,028. The

S&P 500

was down 1 to 1353. The

Nasdaq Composite Index

was up 3 to 2538. The

Russell 2000

was up 2 to 435.

TheStreet.com Internet Sector

index was up 7 to 640.

The 30-year Treasury bond was down 8/32 to 93 29/32, yielding 5.68%.

Most Up at Open -- NYSE

Gatx (GMT) , up 1 7/8 to 37 3/16

.

Most Up at Open -- Nasdaq

Wang Global (WANG) , up 3 5/16 to 10 1/16

:

Getronics

, a Dutch information technology company, is buying Wang in a deal worth about $2 billion. Getronics will buy all 46 million outstanding Wang shares for $29.25 each, a 15% premium over Wang's closing price yesterday.

Most Down at Open -- NYSE

Ameritech (AIT) - Get Report, down 1 15/16 to 65

.

Most Down at Open -- Nasdaq

Wall Data (WALL) , down 5 3/16 to 10 1/16

: The company yesterday warned it will report a fourth-quarter net loss due to its restructuring into two separate companies. The single-analyst estimate called for operating earnings of 25 cents a share vs. the year-ago profit of 7 cents. The company also said it hired an investment bank to explore the possibility of selling its

Rumba

Internet-hosting business or spinning off its

Cyberprise

enterprise information business.