MARKET CLOSE: Techs thrive while blue chips slide

Technology stocks ended the week on a positive note Friday as the Nasdaq composite moved up 87 points to 3,860.67. The Dow Jones industrial average closed off 154 points to 10,733.91 as investors bailed out of old-economy issues.

"It is kind of like musical chairs," said Mike Feeney, editor at independent research firm Wall Street Strategies. "Now the word on the Street is that technology will be able to grow at a greater pace than inflation. They are viewed as less interest-rate sensitive than financials or cyclicals, which people are rotating out of."

Microsoft Corp. (MSFT) shares closed off 1/16 to 69 3/4 ahead of the government's remedy recommendations from its antitrust suit.

Oracle Corp. (ORCL) moved up 2 5/8 to 79 15/16 and Sun Microsystems Inc. (SUNW) closed off 1 1/16 to 91 15/16.

ON Semiconductor (Nasdaq: ONNN) jumped 5 3/4 to 21 3/4 in its initial public offering. Software Technologies (Nasdaq: STCS) closed up 5 7/8 to 17 7/8 in its debut.

In earnings news, OpenTV (Nasdaq: OPTV) jumped 3 7/8 to 81 7/8 after the maker of interactive TV software beat estimates on a sharp rise in revenue.

Globix (Nasdaq: GBIX) gained 3 3/4 to 22 1/2 after the company reported a hefty loss, but strong revenue growth for its second quarter.

Among widely held PC stocks, Dell Computer Corp. (DELL) lost 1 5/8 to 50 1/8; Compaq Computer Corp. (CPQ) trimmed 3/4 to 29 1/4; Gateway Inc. (GTW) closed unchanged at 55 1/4 and Apple Computer Inc. (AAPL) closed off 2 5/8 to 124 1/8.

Intel Corp. (INTC) picked up 1 9/16 to 126 7/8 and Advanced Micro Devices Inc. (AMD) closed up 2 9/16 to 87 13/16.

Among widely held Internet stocks, Yahoo! Inc. (YHOO) gained 5 15/16 to 130 1/4; America Online Inc. (AOL) shed 1/4 to 59 3/4; Amazon.com Inc. (AMZN) rose 2 5/16 to 55 3/16 and eBay Inc. (EBAY) lost 2 3/4 to 159 3/16.