Technology stocks finally got off the mat Friday as the Nasdaq composite shot up 242 points to 3,316.52. The Dow Jones industrial average picked up 158 points to finish at 10,192.18.
"This is clearly a bounce in terms of yesterday's activity," said Donald Berdine, chief investment officer at PNC Advisors. "We may see some more sell-offs based on short-term events, but we look at it as an opportunity to buy great companies off 50 to 60 percent from their highs."
Sun Microsystems (SUNW) snapped of its recent lull, surging up $13.06 to $111. Oracle (ORCL) picked up $4.13 to $35.63 and Microsoft (MSFT) shed 69 cents to $53.69.
DoubleClick Inc. (Nasdaq: DCLK) fell $5.69 to $12.44 after the company's third-quarter earnings news sunk in. Although the company announced its first profitable quarter, growth is expected to slow and visibility is dim for the next few quarters.
Shares of MyPoints (Nasdaq: MYPT) dropped $2.69 to $2.19 a day after the company reported what one analyst called a "shocking" third quarter shortfall.
Gateway (NYSE: GTW) moved up $9.48 to $53.11 after reporting a strong third quarter. While most analysts were impressed, U.S. Bancorp Piper Jaffray's Ashok Kumar lowered his price target.
Compaq (CPQ) shares moved up $2.67 to $25.20 while Apple Computer (AAPL) and Dell (DELL) gained $2.06 and $4.13 a share, respectively.
Veritas (Nasdaq: VRTS) charged up $19.17 to $140.81 after the company reported a solid third quarter, and an analyst upped estimates for the storage management software company.
Intel (INTC) rose $3.25 to $40.38. Advanced Micro Devices (AMD) trimmed 69 cents to $21.88 and IBM (IBM) closed up $5.94 to $109.06.
Juno Online Services Inc. (Nasdaq: JWEB) finished up 31 cents to $2.63 after it said it has secured equity financing that could provide it with $125 million over 2 years.
Among other widely held Internet stocks, Yahoo! (YHOO) gained $3.38 to $60; Amazon.com (AMZN) picked up $3.31 to $28.44; America Online (AOL) moved up $2 to $53; Lycos (LCOS) added $2.44 to $36.63 and eBay (EBAY) closed up $4.75 to $55.88.