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Tech Industry

MARKET CLOSE: Dow, Nasdaq end week at record levels

    The Dow Jones industrial average closed up 23 points to a record close of 11,209.84 while the Nasdaq, bolstered by strong gains from Microsoft, gained 25 points to 2,864.50, also a record high.

    Microsoft Corp. (MSFT) shares charged up 5 1/16 to a 52-week high of 99 7/16 after a Connecticut jury found that it did not violate U.S. antitrust law in a suit brought by a small Connecticut software company.

    The jury found the world's leading software company liable for violating Connecticut business laws, but it awarded nominal damages of only $1 to the plaintiff, Bristol Technology Inc.

    The Federal Reserve Board reported Friday that U.S. industrial production rose for the fifth month in a row June, helping fueling the largest quarterly increase in output in one-and-a-half years. U.S. factory, mine and utility output climbed 0.2 percent, in line with economists' expectations.

    "The spigot for earnings is flowing positively," said Alan Ackerman, senior vice president and market strategist for Fahnestock & Co. "But the real message of the market is there is some sense that the Fed might not raise rates in August because of the friendly CPI and PPI numbers."

    Paradyne Networks (PDYN) rocketed up 39 1/4 to 56 1/4 in its initial public offering while Audible Inc. (ADBL) picked up 12 to 21 in its debut.

    The rest of the Internet stocks were less fortunate.

    Amazon.com Inc. (AMZN) fell 1 15/16 to 137 5/8. Yahoo! Inc. (YHOO) plunged 4 3/16 to 150 1/4 and America Online Inc. (AOL) shed 15/16 to 120 1/16. Lycos Inc. (LCOS) added 13/16 to 104 3/4 and Infoseek Corp. (SEEK) slid 1 3/4 to close at 42 1/16.

    Seagate Technologies (SEG) lost 3 7/16 to 26 9/16 after missing analysts' estimates in its latest quarter.

    Altera Corp. (ALTR) ran into a little different problem. It met analysts' estimates in its second quarter Thursday, but fell 4 1/16 to 41 1/16 on a downgrade from Morgan Stanley Dean Witter.

    Shares of QLogic Corp. (QLGC) rose 7 5/8 to 147 ? after the company announced first quarter earnings of 60 cents a share, a dime better than First Call estimates.

    Dell Computer Corp. (DELL) closed off 11/16 to 43 1/4. Compaq Computer Corp. (CPQ) and Gateway Inc. (GTW) fell 13/32 and 1 7/16, respectively, while Apple Computer Inc. (AAPL) dropped 3/16 to end at 53 1/16.

    Among widely held networking issues, Cisco Systems Inc. (CSCO) trimmed 9/16 to 66; 3Com Corp. (COMS) lopped off 1/4 to 27 11/16 and Lucent Technologies Inc. (LU) closed up 3/8 to 78.