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Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (107152)	3/4/1999 2:44:00 PM
From: Dorine Essey	Read Replies (1) \| Respond to of 176387

U.S. stocks pare some sharp gains in afternoon March 4, 1999 02:17 PM NEW YORK, March 4 (Reuters) - U.S. stocks pared some of their sharpest gains of the day in afternoon trade Thursday but were still broadly higher on excitement over a huge technology pact between two industry bellwethers. The Dow Jones industrial average was up 124 points, or 1.3 percent, at 9400. Earlier, the index gained as much as 173 points. The technology-laden Nasdaq Composite Index was up 8 points, or 0.3 percent, at 2273, erasing most of its 46-point gain earlier in the day. Bulls took over the market earlier in the day on news that Dell Computer Corp. DELL , a leader of the Nasdaq, would buy $16 billion worth of components from International Business Machines Corp. IBM , a Dow component. But traders said the excitement had not wiped out investor jitters over the outlook for the technology sector, which has been pressuring Wall Street recently. "It's not a big surprise that the tech rally came and went," said Peter Coolidge, senior equity trader at Brean Murray. "This event may have spurred some bargain-hunting, but there's still a lot of nervousness out there." Besides focusing on developments in the technology group, investors were looking toward the U.S. February employment report, due for release before the market opens Friday. The report is expected to offer hints at where the Federal Reserve is headed on interest rates. The benchmark 30-year bond was up 1/32 to yield 5.69 percent. ((--Holly Rosenkrantz, Wall Street Desk, 212-859-1727)) REUTERS Top