Tech Stocks Push Major Indices Higher

The Dow is approaching the 10,000 level.
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Technology stocks were leading the market higher this morning as oil and oil service stocks were flying, with the

Dow Jones Industrial Average

threatening to pierce 10,000 again.

Meanwhile,

Computer Associates

(CA) - Get Report

said it is buying

Platinum Technology International

(PLAT) - Get Report

in a deal valued at $3.5 billion. Computer Associates was down 1 13/16 to 32 1/8. On Friday, Platinum Technology closed at 9 7/8. It was last up 15 1/16 to 24 15/16.

The Dow was up 134 to 9957.

IBM

(IBM) - Get Report

was the biggest gainer in the Dow, up 4 11/16 to 177 1/16.

"It just seems that they're trying for 10,000 here," said Jay Suskind, head of institutional trading at

Ryan Beck

. He added that he was surprised at the strength of the market early on considering the situation in the Balkans.

Suskind said he didn't see anything news-wise to warrant a 100-point move today. "I'm really surprised that it's up this strong, but then again, the market is open until 4 o'clock," Suskind said.

The

S&P 500

was up 22 to 1304, while the

Nasdaq Composite Index

was up 47 to 2466. The small-cap

Russell 2000

up 5 to 399.

Oil stocks were bolstered over the possibility of

BP Amoco

(BPA)

buying

Arco

(ARC) - Get Report

. BP Amoco and Arco today confirmed they're in talks about a "possible combination transaction." According to published reports, BP Amoco, the third-largest oil company in the world, will buy Arco in a stock deal valued at about $25 billion.

BP Amoco was up 3 5/8 to 104 1/16, while Arco jumped 6 1/2, or 10%, to 71 15/16.

The

American Stock Exchange Oil & Gas Index

was up 4%.

Oil service stocks got a lift thanks in part to a Morgan Stanley Dean Witter upgrade of

Baker Hughes

(BHI)

and

Halliburton

(HAL) - Get Report

to strong buy from outperform. Baker Hughes was up 1 to 24 13/16, while Halliburton was up 2 1/2 to 40 5/8.

The

Philadelphia Stock Exchange Oil Service Index

was up 5%.

In Netland,

TheStreet.com Internet Sector

index was up 21 to 650.

TheStreet.com E-Commerce Index

was up 1 to 113.

Amazon.com

(AMZN) - Get Report

surged on news it is going into the online auction business. It was up 10 1/2, or 8%, to 149 5/8. The news, however, hit online auctioneer

eBay

(EBAY) - Get Report

. eBay and

Warner Bros. Online

, a unit of

Time Warner

(TWX)

, set a three-year strategic alliance under which eBay will be integrated throughout the Warner Bros. Online entertainment sites. eBay was down 6 7/8 to 148, while Time Warner was up 1 3/16 to 70.

The 30-year Treasury bond was down 14/32 to 94 19/32, yielding 5.63%.

On the

New York Stock Exchange

, advancers were beating decliners 1,842 to 772 on 209 million shares. On the Nasdaq, winners were leading losers 1,931 to 1,261 on 243 million shares.

On the NYSE, 29 issues had set new 52-week lows while 24 had touched new highs. On the Nasdaq, 45 issues had set new highs while new lows totaled 39.

On the Big Board,

America Online

(AOL)

was most active, with 6 million shares changing hands. It was up 4 3/16 to 129 13/16.

On the Nasdaq,

Microsoft

(MSFT) - Get Report

was most active, with 15 million shares changing hands. It was up 1 3/8 to 90 1/2 ahead of tomorrow's scheduled antitrust settlement talks with the

Justice Department

and a host of state attorneys general.

9:57 a.m.: Stocks Climb at Open

Stocks opened higher while

BP Amoco

(BPA)

and

Arco

(ARC) - Get Report

confirmed they're in talks about a "possible combination transaction."

According to published reports, BP Amoco, the third-largest oil company in the world, will buy Arco in a stock deal valued at about $25 billion.

The

Nasdaq Composite Index

was up 22 to 2441. The

Dow Jones Industrial Average

was up 73 to 9495. The

S&P 500

was up 12 to 1295. The

Russell 2000

was up 3 to 396.

TheStreet.com Internet Sector

index was up 17 to 646.

TheStreet.com E-Commerce Index

was up 1 to 113.

The 30-year Treasury bond was down 18/32 to 94 15/32, yielding 5.64%.

Most Up at Open -- NYSE

Vodafone (VOD) - Get Report, up 3 1/16 to 175 1/4

.

Most Up at Open -- Nasdaq

Amazon.com (AMZN) - Get Report, up 10 15/16 to 150

: The online book, video and music retailer said it plans to launch an online auction service.

Most Down at Open -- NYSE

Becton Dickinson (BDX) - Get Report, down 3/4 to 41 1/4

.

Most Down at Open -- Nasdaq

eBay (EBAY) - Get Report, down 6 1/4 to 148 1/4

: The online auctioneer fell in response to the Amazon.com plans.