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Tech Industry

MARKET CLOSE: Nasdaq 3,000 comes and goes

    Strong chip and chip-equipment stocks helped push the Nasdaq above the 3,000-point threshold Tuesday but after some late selling, it netted only 14-point gain to 2,981.60. The Dow, which was up more than 100 points, closed off 67 points to 10,581.84.

    "We're up 900 in 10 days and some-600 points in 4 days (on the Dow), yet the buyers keep showing up," said Alfred Goldman, the technical analyst at A.G. Edwards. "We built up a lot of cash on the sidelines during the sixth months of correction. ... The market was in a condition to rock 'n' roll."

    But that enthusiasm faded later in the day.

    Federal Reserve Chairman Alan Greenspan offered no clues on the interest rate outlook in his speech to community bankers in Orlando, Fla. He said the effect of rising house prices on consumer spending, the engine of U.S. economic growth, was estimated to be bigger than that of rising stock prices.

    Intel Corp. (INTC) closed up 1 1/2 to 77 1/2. Advanced Micro Devices Inc. (AMD) rose 1/4 to 20 9/16 and International Business Machines Corp. (IBM) closed off 1 7/8 to 94 7/8.

    Knight/Trimark Group, Inc. (NITE) lost 5/8 to 27 7/8 after it announced a deal with OptiMark Technologies, Inc..

    Newbridge Networks (NYSE: NN) slid 4 13/16 to 15 15/16 after it said its president and chief operating officer is resigning after a profit warning.

    Cisco Systems Inc. (CSCO) closed up 5/8 to 73 1/2. Lucent Technologies Inc. (LU) fell 1 to 64 and 3Com Corp. (COMS) gained 1/16 to 28 11/16.

    Among widely held PC stocks, Dell Computer Corp. (DELL) added 7/16 to 41 3/16; Compaq Computer Corp. (CPQ) lost 7/16 to 18 15/16; Gateway Inc. (GTW) rose 1 1/2 to 66 5/16 and Apple Computer Inc. (AAPL) charged up 2 5/8 to 80 1/4.

    Microsoft Corp. (MSFT) inched up 3/16 to 92 9/16. Sun Microsystems Inc. (SUNW) lopped off 1/4 to 103 11/16 and Oracle Corp. (ORCL) pushed up 1 13/16 to 53.

    America Online Inc. (AOL) lost 1 3/16 to 132 13/16. Yahoo! Inc. (YHOO) dipped 2 11/16 to 178. Excite@Home Corp. (ATHM) lost 1 3/4 to 38 3/8 while Lycos Inc. (LCOS) and Inc. (AMZN) closed off 1 3/8 and 2 11/16 a share, respectively.