MARKET CLOSE: Afternoon buying blunts tech losses

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Bargain hunting mitigated losses among tech stocks Monday afternoon.

The Nasdaq Composite Index ended the day down 5.45 to 3,355.56, an improvement from the morning, when the tech-heavy group was down more than 127 at one point. The S&P 500 dipped 6.96 to 1,402.03. The blue chip Dow Jones Industrial Average slid 28.11 to 10,568.43.

Inter@ctive Week's @100 Index fell 22.48 to 3,732.35.

Shares of Broadvision (Nasdaq: BVSN) rose 3.6875 to 21.9375 after the companies announced a partnership that combines i2's TradeMatrix and TradeMatrix Content Solutions products with Broadvision's e-commerce suite. i2's stock price rose 11.875 to 173.

Internet companies were headed south; Amazon (Nasdaq: AMZN) fell 1.5 to 30.0625, after CEO Jeff Bezos rejected criticism of the group's expansion strategy amid a sagging share price, saying it would diversify further.

Yahoo! Inc. (Nasdaq: YHOO) picked up 4.5 to 85.75. The Web portal operator announced enterprise services agreements with Honeywell (NYSE: HON), up 0.4375 to 36.9375, Applied Materials, Inc. (Nasdaq: AMAT), up 1.5625 to 55.75, Intellinex, an eLearning Venture of Ernst & Young LLP, and TCW Group. AOL (NYSE: AOL) dropped 2.05 to 57.08.

Electronic Data Systems Corp. (NYSE:EDS) rose 4 to 44.625 after the computer services company won a contract with the U.S. Navy fir $6.9 billion. Other contenders for the contract, IBM (NYSE: IBM) and CSC (NYSE: CSC), were up 1.9375 to 117.9375 and 6.8125 to 70.25, respectively.

N2H2 Inc. (Nasdaq: NTWO), down 0.0625 to 1.625, said Monday that results for the fourth quarter will be below expectations. The company now expects a pro forma net loss between 35 and 38 cents a share. First Call Corp. had been expecting a loss of 32 cents a share.

Wind River Systems Inc. (Nasdaq: WIND), up 0.5625 to 41.3125, said Monday it will buy Rapid Logic Inc., a provider of advanced device management technologies for networking equipment and other intelligent devices.

Among other active tech stocks, Intel (Nasdaq: INTC) slid 0.875 to 39.0625, Cisco Systems (Nasdaq: CSCO) dropped 2.5 to 53.6875 and JDS Uniphase (Nasdaq: JDSU) rose 2.1875 to 93.5625.