Some good economic news bolstered techs at midday Thursday, pushing them into a modest rally in hopes the Fed won't raise interest rates. The Nasdaq rose 4.15 to 2,734.42 and the Dow Jones industrial average climbed 51.29 to 10264.77.
The Inter@ctive Week @Net Index sank 2 to 325.00.
After reveling in news that gross domestic product, the broadest measure of the economy's growth rate, advanced only 1.6 percent in the second quarter, investors calmed down because single home sales rose at a higher-than-expected rate in August.
The second-quarter GDP advance was the slowest since the second quarter of 1995, giving investors hope the Federal Reserve won't raise interest rates when it meets next week.
Among stocks in the news, Radware (Nasdaq: RDWR) was making solid gains in its IPO; shares were up 15 to 33, or 83 percent.
Shares of USinternetworking (Nasdaq: USIX) rose 3 7/8 to 32 1/8 Thursday after bullish ratings boosted shares.
Sprint is also jumping in on the ASP action. It will announce tomorrow that it is the latest entrant into the booming business of serving up applications as needed from Web servers, joining everyone from AT&T to Intel in the fray. Sprint (NYSWE: FON) sank 5/8 to 54 7/8, Bell Atlantic (NYSE: BEL) rose 1 5/8 to 67 7/16 and AT&T Corp. (NYSE: T) gained 1/16 to 43 9/16.
Internet software company BroadVision Inc. (Nasdaq: BVSN), up 10 1/2 to 132 7/16, said Thursday its board had approved a three-for-one stock split.
Meanwhile, CMGI has reeled in another Internet catch with Flycast Communications Corp. (Nasdaq: FCST). Flycast was up 8 5/16 to 46 5/16 and CMGi Inc. (Nasdaq: CMGI) advanced 1 15/16 to 102 1/4.
Higher interest rates will put a crimp in E-Loan's (Nasdaq: EELN) third quarter results. Shares were down 2 9/16 to 21 9/16.
Amazon.com Inc. (Nasdaq: AMZN) sank 2 1/8 to 78 5/8. Yahoo! (Nasdaq: YHOO) rose 9/16 to 179 7/8, America Online Inc. (NYSE: AOL) lost 3/8 to 108 7/8. Lycos Inc. (Nasdaq: LCOS) was up 7/8 to 51 1/4 and Excite@Home (Nasdaq: ATHM) gained 3 3/4 to 42 1/8. eBay Inc.(Nasdaq: EBAY) rose 4 5/8 to 143 5/8.
Qualcomm Inc. (Nasdaq: QCOM), up 1 1/4 to 189, said Leap Wireless International (Nasdaq: LWIN)'s, up 1/16 to 23 7/8, decision to withdraw support for a Russian venture in which they had a $50 million investment may result in a one-time charge in the fourth quarter.
Apple Computer Inc. (Nasdaq: AAPL) bounded up 2 5/16 to 61 3/8, IBM Corp. (NYSE: IBM) gained 13/16 to 120 7/8 and Sun Microsystems Inc. (Nasdaq: SUNW) added 1 13/16 to 93 3/8. Gateway Inc. (NYSE: GTW) rose 13/16 to 43 3/4, while Dell Computer Corp. (Nasdaq: DELL) gained 11/16 to 43 1/4. Compaq Computer Corp. (NYSE: CPQ) rose 3/16 to 22 5/8.
Cisco Systems Inc. (Nasdaq: CSCO) climbed 1 5/16, Lucent Technologies (NYSE: LU) rose 7/8 to 63 15/16 and 3Com Corp. (Nasdaq: COMS) jumped 11/16 to 29 7/16.
Oracle Corp. (Nasdaq: ORCL) rose 4/8 to 44 3/16. Microsoft Corp. (Nasdaq: MSFT) skipped up 1/2 to 44 3/16, Intel Corp. (Nasdaq: INTC) rose 1/8 to 75 5/16, and Advanced Micro Devices Inc. (NYSE: AMD) put on 1/8 to 17 1/2.