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Nasdaq up, Net stocks down

After spending most the day zizagging higher and lower, the Nasdaq manages to give a last push to close higher--but Net stocks fizzle after an opening rally.

After spending most the day zizagging higher and lower, the Nasdaq managed to give a last push to close higher. But Internet stocks, after an opening rally, fizzled and fell nearly across the board today.

The Nasdaq Composite Index rose 0.52 percent or 11.64 points to close at 2,260.55. The index climbed as much as 24.17 points and dropped as many as 24.7 points today. Yesterday, the technology-heavy index tumbled 2.8 percent, or 64.88 points, after investors grew jittery about the technology sector's long-term growth prospects.

Despite jitters over the technology sector, the blue chips clawed higher. The Dow Jones Industrial Average soared 1.12 percent or 103.16 points to 9,298.63.

After the brief opening rally, Internet stocks fell and did not recover by the closing bell. Amazon.com shed 4.28 percent, E*Trade dropped 6.7 percent, and Preview Travel skidded 8.24 percent lower.

Web portals Yahoo, Lycos, and Excite fell 0.58 percent, 3.65 percent, and 3.32 percent, respectively. Infoseek dipped 0.42 percent.

Microsoft and Applied Materials fell 2.83 percent and 1.67 percent, respectively. Oracle slid 0.85 percent lower. Sun Microsystems dipped 0.07 quarter percent.

Only four of the top ten most-heavily traded issues today on the Nasdaq market posted gains.

Intel and MCI WorldCom rose 2.81 percent and 2.49 percent, respectively. Dell Computer and Cisco Systems also climbed, 1.76 percent and 1.12 percent, respectively.

A big gainer was Broadcast.com, which jumped 17.08 percent today after investment banking firm Donaldson, Lufkin & Jenrette raised its outlook on the Internet media company to "buy" from "market perform."

The upgrade follows yesterday's announcement that Capitol Records and Broadcast.com had launched CapitolBroadcasts, a cobranded music channel.

Another strong performance was from Affinity Technology, which surged as much 41.38 percent earlier, after it announced it was forming Decisioning.com, a new subsidiary that will deliver outsourced Internet loan services. Affinity closed up 10.34 percent. The service is set to start in the next few weeks.

Technology stocks were among the most heavily traded issues on the New York Stock Exchange today. Compaq Computer dropped 0.91 percent and America Online edged 1.88 percent higher. Lucent Technologies and AT&T rose 4.81 percent and 1.85 percent, respectively.