Technology stocks made decent gains in late trading Monday as the Nasdaq composite moved up 7 points to 2,645.27 and the Dow Jones industrial average rose 73 points to 11,046.79 in very light trading.
A slight dip in the 30-year bond yield gave traders an opportunity to buy some of the beaten down technology stocks.
Tuesday's Consumer Price Index figures for July will undoubtedly spark more volume, for better or worse.
"A lot of investors are waiting before the release of tomorrow's CPI numbers," said Charlie Crane, chief market strategist at Key Asset Management. "There's a positive tone on the heels of last week's big gains."
eBay Inc. (EBAY) rallied up 11 to 109 Monday while Amazon.com Inc. (AMZN) and Lycos Inc. (LCOS) tacked on 7/8 and 2 1/2 a share, respectively. America Online Inc. (AOL) shares fell 1 15/16 to 94 15/16 after a federal court rejected its claim of ownership of phrases such as "You Have Mail," "Buddy List" and other phrases.
Yahoo! Inc. (YHOO) picked up 1 11/16 to 134 1/2 and Excite@Home Corp. (ATHM) moved up 1 1/16 to 38 1/16. Infoseek Corp. (SEEK) closed up 1 1/4 to 32 1/4.
EMusic.com (EMUS) picked up 1 5/16 to 16 7/16 after announcing it will offer its wares on AOL's ICQ, Spinner and Winamp services.
Audible (ADBL) shot up 3 3/16 to 13 7/8 after announcing it will provide users of RealNetworks (RNWK) and Microsoft (MSFT) with its library of digital audio.
Hewlett-Packard Co. (HWP) gained 4 5/16 to 110 5/16 before topping analysts' estimates by 5 cents a share in its latest quarter. Dell Computer Corp. (DELL) closed unchanged at 41 7/16 while Gateway Inc. (GTW) and Apple Computer Inc. (AAPL) moved up 2 7/8 and 7/16 a share, respectively. Compaq Computer Corp. (CPQ) inched up 5/8 to 23 11/16.
Intel Corp. (INTC) fell 1 3/16 to 78 9/16. Advanced Micro Devices Inc. (AMD) shed 3/16 to 18 3/4 and International Business Machines Inc. (IBM) gained 4 to end at 127 3/8.
Among widely held networking stocks, Cisco Systems Inc. (CSCO) trimmed 1/16 to 63 1/2; 3Com Corp. (COMS) lost 5/16 to 23 15/16 and Lucent Technologies Inc. (LU) added 5/8 to 66 1/2.
Microsoft Corp. (MSFT) dropped 3/8 to 84 5/16 and Oracle Corp. (ORCL) sauntered up 11/16 to 39 5/16.