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Dow survives rollercoaster, closes high

Technology stocks snap back from a big drop, lifting the Dow Jones Industrial Average to a new high.

NEW YORK--Wall Street took a wild ride today, with technology stocks snapping back from a big drop, lifting the Dow Jones Industrial Average to a new high.

The Dow ended up 51.06 points, or .49 percent, at 10,462.72, its seventh record in eight trading sessions.

The technology-laced Nasdaq Composite Index rose 14.76 points, or .59 percent, to 2,522.04 after bouncing back from a loss of nearly 65 points.

Among Internet stocks, America Online remained in the red, while others crept up into positive territory.

America Online finished down 7 at 143.88. After sagging all morning, CMGI recovered and surged 21.13 to 276.25 after being reiterated a "strong buy" by an analyst at Adams, Harkness. Amazon.com closed at a slight loss of .75, at 167.25.

Excite, which reported earnings after the bell, closed down 3.69 at 146.94. Yahoo, meanwhile, bounced back from a day low of 172 to finish up 3.63, at 194.63.

Among online brokers, Charles Schwab fell 14.25 to 124 after reporting first-quarter earnings of 34 cents a share, in line with the 33-cent estimate from analysts. E*Trade plunged 11.44 to 101.44, and Ameritrade dropped 11.38 to 136.63.

Shares of Storage Technology dropped 27.1 percent, off 7.06 at 19, after the network storage company warned its first-quarter earnings would fall far short of analysts' expectations and announced it would lay off about 500 of its 8,700 employees.

Shares of Advanced Micro Devices, which reported a large first-quarter loss yesterday, edged 1.63 points higher to 16.38.

Reuters contributed to this report.