MARKET CLOSE: Dow slumps; techs make slight gains

Technology stocks made modest gains Friday as the Nasdaq composite tacked on 2 points to close at record high of 5,048.86. The Dow Jones industrial average fell 82 points to end at 9,928.82, off more than 4 percent for the week.

"The interesting thing about the trend in the Nasdaq is this very powerful momentum pattern that started to form last year," said Gail Dudack, chief investment strategist at Warburg Dillon Read. "Until certain things happen, this momentum is going to remain strong. It's blown out targets."

Microsoft Corp. (MSFT) shares picked up 1 to 101 while Oracle Corp. (ORCL) and Sun Microsystems Inc. (SUNW) fell 2 3/8 and 3 1/16 a share, respectively.

Deutsche Telekom AG appeared on Friday to have abandoned a $100 billion plus bid for U.S. carriers Qwest (NYSE: Q) and U S West (NYSE: USW). Industry sources said the move could be mere posturing.

Qwest shares closed off 7 5/16 to 52 11/16 and Global Crossing (GBLX) added 2 13/16 to 58.

Among widely held PC stocks, Dell Computer Corp. (DELL) rose 13/16 to 51 1/4; Compaq Computer Corp. (CPQ) added 1/2 to 28 1/2; Gateway Inc. (GTW) lost 2 1/2 to 62 1/2 and Apple Computer Inc. (AAPL) closed up 3 1/2 to 125 3/4.

Shares of Rambus (Nasdaq: RMBS), the developer of memory chip technology jumped 41 17/32 to 421 on news of a 4-for-1 stock split.

Intel Corp. (INTC) moved up 1 13/16 to 120 3/16. Advanced Micro Devices Inc. (AMD) plunged 5 3/8 to 52 3/4 and IBM Corp. (IBM) closed off 2 15/16 to 105 1/16.

OTG Software (Nasdaq: OTGS) shot up 37 3/16 to 56 3/16 in itsIPO after pricing 4 million shares at $19 each.

Selectica (Nasdaq: SLTC) stormed up 111 15/64 to 141 15/64 in its initial public offering.