Markets

On moderate volume suitable for the

oeuvre

of

Christopher Cross

, the jilted technology sector is on the rebound. The

Nasdaq Composite Index

went stratospheric, managing to outpace even blue-chip stocks, which also traded sharply higher.

The

Dow Jones Industrial Average

gained 212.73 to 9552.68, the

S&P 500

rose 32.98 to 1272.20, and the Nasdaq jumped 58.81 to 2342.41. The small-cap

Russell 2000

gained 5.52 to 397.82, and

TheStreet.com Internet Sector

index picked up 19.78 to close at 490.98.

European bourses closed higher on late rallies, while Asian markets were mixed. Hong Kong's

Hang Seng

dropped 24.78 to 9229.34, and Japan's

Nikkei

gained 158.63 to 14,256.67 after the weekend

Group of Seven

meeting revealed no opposition to the weakening yen, which closed at 121.4 to the dollar.

For more markets action and news, click

here.

Companies

Dominion Resources

(D) - Get Report

has agreed to buy gas and oil-pipeline firm

Consolidated Natural Gas

(CNG)

in a stock swap worth $6.3 billion.

Southern California utility firm

Sempra Energy

(SRE) - Get Report

is buying national natural gas company

KN Energy

(KNE)

for $1.8 billion in cash and stock. Sempra will also assume about $4.1 billion in debt under the deal.

Texas-based

Southern Union

(SUG)

made a bid of almost $1 billion for Nevada's

Southwest Gas

(SWX) - Get Report

, besting a previous offer of more than $850 million by

Oneok

(OKE) - Get Report

.

United Technologies

today announced its $4 billion acquisition of aerospace parts manufacturer

Sundstrand

(SNS)

.

TSC's

Dan Colarusso

reported Friday on the heavy call-buying in Sundstrand.

For more news on companies and stocks, click

here.

Tech

Advanced Micro Devices

(AMD) - Get Report

today unveils its long-awaited K6-III chip, which the company will pit against Intel's

(INTC) - Get Report

Pentium III.

Beyond.com

(BYND) - Get Report

announced it will acquire privately held online software retailer

BuyDirect

for 5.4 million shares of its own stock, a $133.65 million price tag, based on Friday's share price.

For more tech news and commentary, click

here.

General News

U.S. warplanes dropped 11 bombs on anti-aircraft sites in Northern Iraq after being lit up by Iraqi radar.

Fighting erupted between Serbian troops and ethnic Albanian rebels today as the Kosovo peace talks near their extended Tuesday deadline.

International

London-based

HSBC Holdings

is buying a 70% stake in South Korea's

Seoulbank

for $700 million. Seoulbank, hobbled by billions of dollars worth of bad loans, was nationalized last year by the South Korean government.

Telecom Italia

(TI)

rebuffed a $58 billion hostile takeover bid by

Olivetti

, which claims its offer will keep the company in Italian control. Riding on the deal's success is German engineering and telecom firm

Mannesmann's

bid to buy Olivetti's stakes in mobile phone company

Omnitel

and fixed-line firm

Infostrada

. The Italian government has stayed neutral on the deal so far.

Volvo

(VOLVY)

said that it has ended talks with

Investor AB

to buy its 45.5% stake in truck maker

Scania

, with whom Volvo announced its intention to merge last month. But Volvo said that it does not plan to sell its 13% stake in Scania.

For more international news and commentary, click

here.

Elsewhere

Barbara Walters

and

ABC News

President

David Westin

will hold a news conference today to announce a date for the broadcast of Walters' interview with

Monica Lewinsky

. Walters, a highly respected journalist known for her news-breaking ability and dogged refusal to coddle guests, has said that

ABC

did not pay for the interview.

Have a dumb question relating to finance? Great. Have a

really

dumb question? Even better. Send it to

MonEmailbag@thestreet.com, and

TSC

columnist

Herb Greenberg

and I will do our best to answer. Include your full name, and please, no questions seeking personal financial advice or regarding personal brokerage disputes. And this reminder: Because of the volume of mail, personal replies can't be guaranteed.

Click

here to read the latest MonEmailbag.