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MARKET CLOSE: Nasdaq, Dow make huge gains for second straight day

Technology stocks made enormous gains again Tuesday as investors continued to dive in after last week's brutal sell-off. The Nasdaq composite stormed up 254 points, or 7 percent, to 3,793.50 while the Dow rose 190 points to end at 10,773.00.

"I'm pretty impressed and pretty amazed at how strong the rebound is today following yesterday," said James Oberweis, president and portfolio manager of Oberweis Asset Management. "But my instincts tell me that it's not going to be easy, that we're going to need more time for backing and filling."

Internet stocks were especially strong Tuesday as leaders such as Yahoo! and America Online added to Monday's gains.

Yahoo! (YHOO) closed up 12 5/16 to 126 15/16. AOL gained 1 3/4 to 60 1/2 and Inc. (AMZN) closed up 7 15/16 to 55. eBay Inc. (EBAY) shot up 19 11/16 to 162 15/16 and Lycos Inc. (LCOS) closed up 13/16 to 38 5/8.

B2B stocks caught fire as well as PurchasePro (PPRO) rose 3 5/16 to 36 5/16 while VerticalNet (VERT) and Commerce One (CMRC) closed up 9 3/8 and 12 a share, respectively.

Tellabs (Nasdaq: TLAB) moved up 6 to 49 5/16 after its first-quarter profit hit lowered estimates. The company warned earlier this month its earnings would be hurt by lower gross profit margins.

Cisco Systems Inc. (CSCO) closed up 2 3/4 to 69 1/4. Lucent Technologies Inc. (LU) picked up 5 to 59 1/8 and 3Com Corp. (COMS) finished up 7/16 to 39 1/2.

Microsoft Corp. (MSFT) charged up 4 11/16 to 80 9/16 ahead of its earnings report. Sun Microsystems Inc. (SUNW) closed up 7 3/16 to 92 1/16 and Oracle Corp. (ORCL) gained 4 1/8 to 78 15/16.

EMC (NYSE: EMC) beat Wall Street estimates with first quarter earnings of $332 million, or 30 cents a share, on sales of $1.82 billion. Its shares closed up 5 3/8 to 129 7/8.

Cypress Semiconductor (NYSE: CY) shares closed up 3 7/8 to 52 7/8 after it topped First Call estimates by a penny Tuesday with a first quarter operating profit of 41 cents per share. Vitesse Semiconductor (VTSS) lopped off 10 1/2 to 62 9/16 while Advanced Micro Devices Inc. (AMD) and Intel Corp. (INTC) shot up 6 3/8 and 6 a share, respectively.

Among widely held PC stocks, Dell Computer Corp. (DELL) rose 1 13/16 to 50 9/16; Compaq Computer Corp. (CPQ) tacked on 1 1/16 to 27 5/8; Apple Computer Inc. (AAPL) raced up 3 to 126 7/8 and Gateway Inc. (GTW) closed up 2 9/16 to 55 1/16.