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HolidayBuyer's Guide
Tech Industry

MARKET CLOSE: Dow, Nasdaq end week on positive note

The Dow Jones industrial average closed up 137 points to 11,100.61 Friday thanks in part to the "double-witching" expiration of stock options and futures. The Nasdaq ended up 27 points to close at 2,648.30.

However, Friday's gains came in light volume ahead of next week's meeting of the Federal Reserve Board.

"It's the kind of market we've been having: two steps forward, two steps back," said Hugh Johnson, chief investment officer at First Albany Corp. "Since May, we haven't gone very far."

Telecommunications stocks were stung by analysts' comments suggesting that price wars between the major long-distance carriers would hurt earnings this quarter.

AT&T Corp. (T) lost 1 3/8 to 46 13/16 while MCI WorldCom Inc. (WCOM) and GTE Corp. (GTE) fell 1 11/16 and 2 1/8 a share, respectively.

Internet stocks closed mostly higher Friday, led by Amazon.com Inc. (AMZN), up 7 5/16 to 113 7/16. Yahoo! Inc. (YHOO) gained 5 13/16 to 145 and Excite@Home Corp. (ATHM) added 7/16 to finish at 37 11/16. America Online Inc. (AOL) lost 7/8 to 95 1/8 and Infoseek Corp. (SEEK) shed 9/16 to 31 7/16.

It was another big day for initial public offerings.

Agile Software Inc. (AGIL) moved up 18 7/8 to 39 7/8 in initial trading after it volleyed over its expected range of $18 to $20 a share and priced at $21.

MyPoints.com (MYPT) closed up 3 to 11, after 5 million shares priced at $8 a piece. Lionbridge Technologies Inc. (LIOX) shot up 2 5/8 to 12 5/8 in its debut, after it dropped the number of shares it had planned to sell from 4 million to 3 million shares. LookSmart (LOOK) rose 5 5/16 to 17 5/16.

Among widely held PC stocks, Dell Computer Corp. (DELL) fell 5/8 to 43 ?; Compaq Computer Corp. (CPQ) inched up 1/2 to 24 1/2; Gateway Inc. (GTW) rose 1 1/4 to 90 1/2 and Apple Computer Inc. (AAPL) picked up 7/16 to 59 3/16.

Microsoft Corp. (MSFT) closed off 7/16 to 83 3/8 while Oracle Corp. (ORCL) and Sun Microsystems Inc. (SUNW) gained 1 and 27/32 a share, respectively.

Portal Software (PRSF) added 5/8 to 45 1/4 after itwalloped First Call's estimated loss of 14 cents a share for its second quarter, losing only a penny a share.

Intel Corp. (INTC) closed up 2 5/8 to 79 15/16 and IBM Corp. (IBM) trimmed 1 1/8 to 121 13/16.