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Strong Recovery By Tech Stocks On Friday

Technology and industrial stocks recovered strongly on Friday after two days of interest-rate related declines, with chip stocks and Internet issues leading the way.

The Dow Jones industrial average gained 136.77, or 1.25%, to close at 11,100.61, while the more technology-heavy Nasdaq composite rose 26.90, or 1%, to 2,648.33. The S&P 500 index gained 13.45 to close at 1,336.61. Treasury bond prices gained today, although trading was light ahead of next week's Federal Reserve Board meeting, at which short-term interest rates will be discussed. The benchmark 30-year Treasury bond rose 19/32, dropping its yield to 5.98%.

Internet stocks, which declined sharply yesterday, came back with a roar today. Yahoo! (YHOO) rose 5-13/16 to 145, eBay (EBAY) rose 9 to 123, and (AMZN) went up 7-5/16 to 113-7/16. America Online (AOL) didn't join the party, however. It dropped 13/16 to 95-3/16.

Chip stocks also had a strong day. Intel (INTC) rose 2-5/8 to 79-15/16, Micron Technology (MU) 3-3/16 to 65-1/16, and Advanced Micro Devices (AMD) 1/8 to 18.

But semiconductor equipment makers went in the opposite direction, in response to a report released today by the trade group Semiconductor Equipment and Materials International (SEMI). Orders for chip equipment companies, which manufacture the machinery semiconductor companies use to make computer chips, dipped about 8% in July from June, the trade group's report said. Industry leader Applied Materials (AMAT) lost 1-3/8 to close at 63-15/16, Novellus Systems (NVLS) 3 to 54-7/16, LAM Research (LRCX) 1/4 to 49-7/8, and Teradyne (TER) 1-5/16 to 64.

Computer hardware stocks were mostly higher. Hewlett-Packard (HWP) gained 2-5/8 to 104-7/8, Compaq (CPQ) 7/16 to 24-7/16, and Sun Microsystems (SUNW) 7/8 to 74. IBM (IBM) declined 1-3/16 to 121, and Dell (DELL) lost 5/8 to 43.

Networking stocks also were mostly higher, with Cisco Systems (CSCO) adding 1-7/8 to 64-1/8, 3Com (COMS) 3/16 to 23-9/16, and Cabletron Systems (CS) 1/4 to 14-1/16.

Enterprise resource planning companies were mixed, with SAP (SAP) dropping 1/16 to 32-1/2, PeopleSoft (PSFT) losing 3/16 to 14-1/16, J.D. Edwards (JDEC) adding 1-3/16 to 16-1/16, and Oracle (ORCL) rising 1 to 37.

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