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Market falls despite surge in tech stocks

Despite a surge in tech stocks, the broader markets take another dip at market's close.

Despite a surge in tech stocks today, the broader markets took another dip at market's close.

The Dow Jones Industrial Average hit the skids again, sliding 33.85 points or 0.35 percent, to 9,693.76.

The Nasdaq Composite Index dipped 4.68 points or 0.2 percent, to 2,392.94.

Tech shares surged on optimism that more acquisitions among Web-related companies are likely after support for USA Networks' acquisition of Lycos was further jeopardized, leading to speculation that others may buy the Internet directory.

Lycos rose 12.38 to 96.25. CMGI, Lycos' biggest shareholder, said CMGI chief executive David Wetherell resigned from Lycos' board and called the terms of USA's transaction inadequate. CMGI fell 5.25 to 194.44 after trading higher most of the day.

Shares of CNET, publisher of News.com, rose 7.13 or 6.85 percent to 111.19 after splitting its stock 2-for-1 yesterday.

Yahoo dropped 3.13 points or 1.83 percent, while Onsale closed with a loss of 7.25 points or 15.34 percent.

Dell Computer and Compaq Computer fell 2.89 percent and 4.73 percent, respectively, while chipmakers Intel and Advanced Micro Devices dropped 3.61 and 7.59 percent, respectively. AMD announced yesterday that it expects a "significant" loss and is planning layoffs.

Shares of Microsoft rose 1.77 percent to close up at 161.81.

Bloomberg contributed to this report.