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Tech Industry

Wall Street a rough road

The markets' rocky ride continues as the Dow rebounds from yesterday's 93-point decline and the Japanese market plunges.

The markets' roller-coaster ride continued today with the Dow Industrial Average rebounding from yesterday's 93-point decline and the Japanese market plunging more than 258 points after climbing slightly higher yesterday.

The Dow rose more than half a percent in early trading, up 46.6 at 8,506.1. The Nasdaq is up 8.77 at 1811.31, while the S&P is up 4.4 at 1079.31.

The Nikkei Stock Average fell 258.09 points today to close at 15123.93, down 1.68 percent. The benchmark Japanese index hit a seven-week low today, reacting to yesterday's decline on Wall Street.

24/7 Media, a Web advertising company, announced its IPO today and will begin trading on the Nasdaq under the symbol "TFSM." Many companies that had proposed IPOs recently have decided to pull their offerings from the increasingly schizophrenic market. Only yesterday, for example, CitySearch opted to merge with USA Networks' Ticketmaster Online instead of proceeding with its IPO.

Both 24/7 Media and CitySearch had received lukewarm receptions for their IPOs.

In a sign that the chip sector may be climbing out of its slump, most chipmakers were up today in early trading. Intel rose more than 1 percent and is trading at 86.13. Advanced Micro Devices is up nearly 4 percent at 18.69. Analog Devices is up more than 3 percent at 23.06.

Most major Internet companies, however, headed south in early trading. Amazon.com is down more than 1.5 percent at 125.38; America Online is down less than half a percent at 106.13; and Yahoo is down more than 1 percent at 91.69. The biggest decline hit Excite which is down more than 4 percent at 42.5.