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Techs lead market's bullish run

Technology stocks finish high, pushing the Nasdaq and the seesawing Dow to close in positive territory.

Technology stocks finished high today, pushing the Nasdaq and the seesawing Dow to close in positive territory.

The tech-heavy Nasdaq Composite Index closed up 61.35 points at 2,652, powered by climbing technology and Internet stocks. The Dow Jones Industrial Average closed higher, up 28.92 points to 10, 718 after flip-flopping from negative to positive throughout most of the trading day.

A report from market research firm International Data Corporation noted that worldwide PC shipments rose a more-than-expected 19 percent in the first quarter, according to Bloomberg News. The news led an early rally in computer hardware stocks that was sustained in the afternoon.

Shares of IBM jumped 5 percent, closing up 10.12 at 209.87, while other PC hardware stocks also were boosted by the report.

Among the gainers, Apple rose 1.75 to 40.93, Dell gained 1.81 to 44.81, Gateway jumped 2.87, or 4.1 percent, to 72.37, Hewlett-Packard rose 2.37 to 79.5, and Compaq edged up .81 to 23.93.

HP said earlier today that it is slashing prices by as much as 17 percent on its ultraportable OmniBook 900 series and about 4 percent on its popular 4150 notebook. The price move on the OmniBook 900 is one of the first instances of a major computer maker cutting prices on a model with Intel's latest notebook chip, the 366-MHz Pentium II.

In the Internet sector, stocks ended their bullish run for the day as investors await earnings from Net leaders America Online and, according to Reuters. Both companies are slated to report this week.

AOL gained 14, jumping 9.5 percent, to close up 161, while shares of dipped 2.93 to 207.18.

Internet directory Yahoo jumped 4.56 to 192.25, Excite gained 6.12 to 160.5, and Lycos rose 2.25 to 96.75.