Markets zigzagged today, but technology issues rode out the volatility to push the Nasdaq to a new record high.
The Dow Jones Industrial Average fell 18.79 points, just over two-tenths of a percent, to close at 9,009.19. The technology-heavy Nasdaq Composite, meanwhile, rose 15.67 points or 0.77 percent to close at a new record high of 2,050.42.
Among the Nasdaq issues driving the surge was Xoom.com, which rocketed 200 percent higher before closing the day up 145.98 percent. The direct marketing community site was priced at the high end of its range at 14 per share. Its first trade of the day was at 31, and the issue never looked back. Xoom.com was the most actively traded issue on the Nasdaq today, with 16 million shares changing hands.
Shares of Infoseek climbed as much as 15.6 points before closing the day 4.32 percent lower, despite the company's announcement that it is prepared to launch its new joint portal site with partner Walt Disney, dubbed Go Network.
Other portal stocks were mixed. Yahoo and Excite slipped 0.31 percent and 1.1 percent, respectively. Lycos, however, rose 5.83 percent.
Rival computer makers Dell Computer and Compaq both edged higher, rising 2.25 percent and .6 percent, respectively.
AT&T climbed 5.97 percent today, still gaining on the news that it will buy IBM's Global Network unit for $5 billion in cash. IBM inched up 0.74 percent.