The Nasdaq finally retook the 4,000 mark Tuesday as earnings announcements and abating Fed fears led techs into a rally again. The Nasdaq rose 19.39 to 4,009.22 and the Dow Jones industrial average lost 93.34 to 10,464.50.
The Inter@ctive Week @Net Index rose 10 to 505.83.
For the first time in two months, the Nasdaq was over 4,000. A batch of earnings reports and pre-announcements, as well as renewed hopes the Federal Reserve won't raise interest rates again, inspired the buying.
In economic news, the nation's trade deficit narrowed to $30.44 billion in April, after widening for the last year-and-a-half.
Micron Electronics (Nasdaq: MUEI), up 1 1/16 to 13 1/8 reported third quarter earnings of $5 million, or a nickel a share, on sales of $370 million. Rivals Dell (Nasdaq: DELL), off 5/8 to 48 15/16, and Gateway (NYSE: GTW), down 1 1/2 to 59, were sluggish.
NorthPoint (Nasdaq: NPNT), down 1/8 to 11 3/8, said it sees revenue of between $24 million and $26 million for its second quarter. Expenses are expected to have risen. Rival Covad (Nasdaq: COVD) was down 7/16 to 17 7/8.
Gadzoox Networks (Nasdaq: ZOOX) fell 6 3/8 to 13 15/16 after it said it anticipates first quarter revenue to be down by a third sequentially.
Blaze Software (Nasdaq: BLZE) was burning up 25 percent, or 3 7/8 to 19 3/8 Tuesday after German company Brokat Infosystems AG announced it would buy the company.
Engage Inc. (Nasdaq: ENGA) shot up 15 percent, or 1 9/16 to 16 15/16 at midday, following news it will get $75 million in investments from CMGI Inc. (Nasdaq: CMGI), up 2 1/4 to 56 1/8, and Compaq Computer Corp. (NYSE: CPQ), up 3/4 to 28 3/16. DoubleClick (Nasdaq: DCLK) rose 4 to 41 1/16.
Microsoft (Nasdaq: MSFT) rose 3/4 to 74 7/16. Intel (Nasdaq: INTC) rose 2 1/4 to 138 3/4.
Oracle (Nasdaq: ORCL) lost 3/4 to 85 1/4 ahead of its quarterly report, due out after the bell. Among other leading tech issues: Cisco (Nasdaq: CSCO) lost 3/4 to 68 3/16, Sun Microsystems (Nasdaq: SUNW)rose 15/16 to 96 3/8 .
Amazon.com Inc. (Nasdaq: AMZN) rose 15/16 to 46 1/4, Yahoo! (Nasdaq: YHOO) rose 7 3/16 to 146 1/4 and America Online Inc. (NYSE: AOL) gained 1 15/16 to 56 7/16.
Facebook wants to show it's a force for good amid scandals: At Facebook's Communities Summit, the social network unveils updates to tools for blood donations, nonprofits and mentorships.
Qualcomm-FTC lawsuit: Everything you need to know: The antitrust case could decide how smartphones get made in the future -- and what they cost.
Discuss: MIDDAY MARKETS: Nasdaq retakes 4,000
Be respectful, keep it civil and stay on topic. We delete comments that violate our policy, which we encourage you to read. Discussion threads can be closed at any time at our discretion.