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MARKET CLOSE: Internet stocks bounce back

Technology recouped some of their losses Tuesday as the Nasdaq composite moved up 71 points to 4,167.37 while the Dow Jones industrial average closed up 22 points to finish at 11,029.89.

Generally strong earnings from leading tech firms continue to provide fuel for the bulls.

"I think some good earnings reports have helped the markets rebound, but with the (Federal Open Market Committee) meeting only a week away, we are probably going to see some more selling here," said Dan Ascani, of Global Market Strategists Inc.

On the economic front, the release of December existing home sales was also postponed until Wednesday. January consumer confidence came in at a record 144.7 compared to December's 141.7. See full story.

AT&T Corp. (NYSE: T) gained 5/8 to 51 1/8 after it surpassed the consensus estimate in the fourth quarter and told analysts to expect slightly lower earnings in the first.

SBC Communications (NYSE: SBC) fell 2 1/8 to 39 7/8 after it hit Wall Street estimates Tuesday with operating earnings of $1.9 billion, or 54 cents a share, on sales of $12.9 billion. SBC, one of the recent tech additions to the Dow Jones industrial average, also has big expansion plans. Qualcomm (Nasdaq: QCOM) closed up 8 15/16 to 149 ahead of its report slated for after the bell.

Among widely held PC stocks, Dell Computer Corp. (DELL) rose 9/16 to 42 1/8; Gateway Inc. (GTW) picked up 1 9/16 to 61 7/16; Compaq Computer Corp. (CPQ) shed 1/2 to 32 1/2 and Apple Computer Inc. (AAPL) moved up 6 to 112 1/4.

Yahoo! Inc. (YHOO) charged up 21 1/4 to 345 9/16. America Online Inc. (AOL) clipped 5/8 to 61 3/8 while Lycos Inc. (LCOS) and eBay Inc. (EBAY) finished up 4 11/16 and 1 1/8 a share, respectively.

USA Networks Inc (Nasdaq: USAI) tacked on 3 7/16 to 53 15/16 after it said it will acquire Styleclick.com, an online fashion site, and combine the site with its existing e-commerce divisions.

Amazon.com Inc. (AMZN) fell 7/8 to 69 1/4 and Excite@Home Corp. (ATHM) closed up 9/16 to 38 13/16.

Xerox Corp. (NYSE: XRX) inched up 3/16 to 21 15/16 after its fourth-quarter earnings fell 52 percent from a year earlier, roughly in line with reduced expectations, and the company said improvement may not come until the second half of 2000.

Cypress Semiconductor Corp. (NYSE: CY) lost 3/16 to 36 3/8 after it said earnings were 32 cents a share, beating First Call's upwardly revised consensus of 30 cents a share. Intel (Nasdaq: INTC) rose 1 to 99 13/16.

Intel Corp. (INTC) gained 2 3/4 to 101 9/16. Advanced Micro Devices Inc. (AMD) closed up 5 to 39 1/2 and International Business Machines Corp. (IBM) closed off 2 to 119 1/2.

Tellabs (Nasdaq: TLAB) earnings for the fourth quarter were 41 cents share, beating First Call's estimate of 40 cents a share on demand for its Titan line of products. Its shares lost 9 9/16 to 59 1/2.

Microsoft Corp. (MSFT) surged up 1 9/16 to 102 13/16 and Sun Microsystems Inc. (SUNW) added 3 1/2 to 82 5/8.