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Tech Industry

MARKET CLOSE: Dow gains 210 points; Nasdaq retreats

    Blue-chip stocks caught fire Monday on speculation that the Federal Reserve Board will opt to move to a neutral bias following Tuesday’s meeting. The Dow Jones industrial average shot up 210 points to 10,645.43 while the Nasdaq lost another 29 points to finish at 2,624.73.

    “I don't know if the Fed will actually lower rates tomorrow, but I think at least the bias will go to neutral,”' said Michelle Clayman, chief investment officer at New Amsterdam Partners. “That is what is largely driving things in the market today.”

    America Online (AOL) lopped off $6.72 to $42.24 after Time Warner (NYSE: TWX) said it would restructure its ownership in the Road Runner high-speed Internet service. Time Warner also reduced its earnings growth target, but said America Online's quarter was on track.

    Time Warner shares fell $9.47 to $63.25.

    EToys (Nasdaq: ETYS) fell 75 cents to 28 cents a share. Amazon.com (AMZN) lost $3 to $19.88 and Yahoo! (YHOO) dropped $1 to $32.

    Digital Island (Nasdaq: ISLD) shed $1.16 to $4.84 following a downgrade from Goldman Sachs.

    Intel (INTC) moved up 75 cents to $33.19. Advanced Micro Devices (AMD) trimmed 94 cents to $15.25 and IBM (IBM) picked up $2.63 to finish at $90.44.

    Terayon Communication Systems Inc. (Nasdaq: TERN)dropped $8.31 to $5.25 after the company said its fourth quarter results would be "significantly less" than anticipated.

    Sun Microsystems (SUNW) slid $1.88 to $28.56. Microsoft (MSFT), which issued a profit warning last week, chopped off $1.38 to $47.81 and Oracle (ORCL) rose $3.44 to $32.

    Dialog Semiconductor (Nasdaq: DLGS) plunged $11.19 to $7.81 after the company warned its earnings per share for 2001 would be much lower than 2000 levels.

    Among widely held PC stocks, Dell (DELL) shaved off 38 cents to $19.50; Gateway (GTW) lost $1.60 to $17.40; Apple Computer (AAPL) moved up 19 cents to $14.25 and Compaq Computer (CPQ) finished off 95 cents to $16.40.