Technology stocks continued to lead the market higher Monday.
With Internet stocks reviving, the high-tech sector continued the rebound it began late last week. The Nasdaq Composite Index gained 45.87 to 2524.21, the @100 Index rose 67.51 to 4721.74, and the @Net Index picked up 10.56 to 300.54. The S&P 500 advanced 6.77 to 1334.52 and the Dow Jones Industrial Average went up 109.54 to 10909.38.
"We are getting a continuation of technology buying. It is so much of a momentum game with technology stocks," said Barry Hyman, a market strategist at Ehrenkrantz, King Nussbaum. "Momentum players don't have a second thought about coming back into the market."
Shares of AT&T Corp. (NYSE: T) were unchanged at 53 3/8 following U.S. District Judge Owen Panner's ruling that would let cities force the communications giants o open its cable network to competing Internet service providers. Also sliding was At Home (Nasdaq: ATHM), which currently has exclusive rights to sell high-speed Internet access on AT&T's coaxial cable lines. At Home shares retreated 9 1/4 to 103 3/4.
But investors remained skeptical about competing ISPs, since AT&T plans to appeal the ruling. Even if the Panner's opinion is ultimately upheld, the appeals process would likely hold up any definitive result for years. Retreating were America Online Inc. (NYSE: AOL), down 3 1/2 to 114 1/2; Mindspring Enterprises Inc. (Nasdaq: MSPG), down 4 1/4 to 75 1/16; Earthlink Network (Nasdaq: ELNK), down 5 1/16 to 53 15/16; Prodigy Communications Corp. (Nasdaq: PRGY), down 1 1/8 to 24 7/8.
CMGi Inc. (Nasdaq: CMGI) climbed 13 to 107 1/4 after Dell Computer Corp. (Nasdaq: DELL) and Microsoft Corp. (Nasdaq: MSFT) invested in a CMGI-backed Web hosting unit called NaviSite.
Copper Mountain Networks Inc. (Nasdaq: CMTN) slid 1 1/2 to 65 7/8 after Morgan Stanley Dean Witter started coverage at "neutral."
Amkor Technology (Nasdaq: AMKR), a maker of semiconductor packaging and test devices, fell 1 1/16 to 8 today after Salomon Smith Barney downgraded it to "neutral", but opinions are divided: SG Cowen maintained a "strong buy" rating.
eToys Inc. (Nasdaq: ETYS) added 4 3/8 to 53 5/16 after it began selling children's apparel and other items at its online Baby Store. iVillage Inc. (Nasdaq: IVIL), rising 2 1/8 to 40 1/4, also benefited from beginning the sale of maternity goods.
Hauppage Digital Inc. (Nasdaq: HAUP) rose 5 1/8 to 23 1/16 after the streaming media company added Wave System Inc.'s (Nasdaq: WAVX) e-commerce transaction software to its technology. Wave Systems gained 13/16 to 18 1/2.
High Speed Access Corp. (Nasdaq: HSAC) rose 4 1/8 to 24 1/2 in its second day trading after going public on Friday.
Interlinq Software Corp. (Nasdaq: INLQ) lost 7/8 to 6 7/8 after the financial services software company terminated its agreement to join with Terlin Inc. Interlinq will pay W.R. Hambrecht, to which Terlin is affiliated, an undisclosed sum.
International Business Machines Corp. (NYSE: IBM) rose 4 3/4 to 120 3/4 after forming a seven-year $8 billion partnership with Acer Group. Gateway Inc. (NYSE: GTW) climbed 3 7/16 to 65 9/16.
Motorola Inc. (NYSE: MOT) dipped 1 7/8 to 86 after jointly buying a wireless company with Cisco Systems Inc. (Nasdaq: CSCO). Cisco added 1/2 to 115 3/8.
Netegrity Inc. (Nasdaq: NETE) rose 2 1/2 to 14 3/8 after ING Barings began coverage at "strong buy."
Synopsis Inc. (Nasdaq: SNPS) added 4 1/4 to 47 7/8 after the company announced plans to buy back as much as $200 million of its common stock.
Viagraphix Corp. (Nasdaq: VIAX) climbed 13/16 to 7 13/16 after 7thStreet.com Inc. (Nasdaq: SEVL) agreed to buy the educational software company for $53.5 million in stock. 7thStreet rose 5/16 to 5 5/16.
Intel Corp. (Nasdaq: INTC) edged up 1/4 to 53 7/16 and Advanced Micro Devices Inc. (NYSE: AMD) was unchanged at 17 15/16.
Among software makers, Microsoft Corp. (Nasdaq: MSFT) added 11/16 to 80 1/4 and Computer Associates International Inc. (NYSE: CA) rose 1/8 to 50 1/16.>