MARKET CLOSE: Bond woes drag stocks lower

Technology stocks managed to scratch out a slight gain Friday but the Dow fell 58 points to close at 10,910.96. The Nasdaq composite closed up 8 points to 2,692.41.

Most of the consternation was derived from speculation of another interest rate down the road as well as sagging bond prices.

"The market is still trying to figure out exactly what Greenspan said," Arun Kumar, senior U.S. equities strategist at Lehman Brothers. "The bond market seems to have taken the testimony as negative."

Gateway Inc. (GTW) soared up 10 3/16 to 73 1/16 after beating Street estimates in its latest quarter. Dell Computer Corp. (DELL) added 1 3/8 to 41 and Apple Computer Inc. (AAPL) gained 15/16 to 53 5/16. Compaq Computer Corp. (CPQ) trimmed 3/16 to close at 24 13/16 after naming its new CEO. International Business Machines Corp. (IBM) added 7/8 to 124 3/4.

InsWeb Inc. (INSW), a Web site which allows users to comparison shop for insurance, shot up 14 9/16 to 31 9/16 in its debut.

US West (USW) fell 1/2 to 57 1/16 after reporting second-quarter earnings of 83 cents a share, above First Call's prediction of 81 cents a share, and up 7 cents or 9.2 percent from last year's second quarter.

Ericsson (ERICY) moved up 4 1/16 to 31 11/16 after the company pledged to clean up its act by the end of 1999 and put a management shakeup and a drop in first-half profit firmly behind it.

Anadigics Inc. (ANAD) closed off 4 15/16 to 30 13/16 after it said second quarter earnings were $2 million, or 12 cents a share, beating First Call's estimate of 9 cents a share on record sales. Microsoft Corp. (MSFT) closed off 13/16 to 90 1/4 and Sun Microsystems Inc. (SUNW) rose 3 3/16 to 70 3/8 after topping Street estimates in its latest quarter.

Among widely held Internet stocks, America Online Inc. (AOL) lost 3 1/4 to 107 1/4; Amazon.com Inc. (AMZN) picked up 7 3/8 to 114 9/16; Lycos Inc. (LCOS) added 3 1/8 to 95; Excite@Home Corp. (ATHM) rose 13/16 to 46 1/16; Infoseek Corp. (SEEK) slid 1/4 to 40 5/8 and Yahoo! Inc. (YHOO) ended up 5/8 to 145 3/4.

Cisco Systems Inc. (CSCO) added 1 13/16 to 62 15/16. 3Com Corp. (COMS) shaved off 1 1/4 to 24 7/8 and Lucent Technologies Inc. (LU) lost 1 1/8 to close at 67 1/8.

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