How Dow, Nasdaq Got Their Groove Back

SAN FRANCISCO (04/07/2000) - The market resumed a confident posture today, with the Nasdaq climbing 98.34, or 2.36 percent, to 4267.58, and the Dow up 80.35, to 11114.27. The two indices saw point swings throughout the day as the Nasdaq gained up to 130 points by midday, but both remained solidly in the black.

The rally came on the backs of biotech stocks, led by Celera Genomics Group, which announced today that it has finished sequencing the human genome.

Celera's stock saw an 18 percent gain, up $21 to close at $136. Other biotechs also rose, pleased by news that gene-mapping technologies will qualify for patent protection. Incyte Pharmaceuticals was up almost 15 percent to $108.50, and Millennium Pharmaceuticals rose 21 percent to $173.63. Protein Design Labs was perhaps the biggest gainer, soaring 48 percent to close at $110. Share prices in the tech sector saw a little less height, however. Despite words of encouragement from Wall Street, Yahoo fell 7 percent, or $11.56, to close at $154.

Dell opened the day with a gain but fell back by the afternoon, closing down 4 percent to $51.56. Microsoft and Intel were both slightly off, losing less than 1 percent each to close at $86 and $129.81, respectively. Sun Microsystems and Oracle enjoyed gains, however, rising 4 percent and 5 percent to close at $82.19 and $92.69, respectively.

Among the day's Internet gainers were business-to-business player Commerce One, which jumped 15 percent to close at $128.88, and auction site eBay, which rose almost 10 percent to $182. InfoSpace.com gained 11 percent to $117. CMGI and DoubleClick also found themselves back on an upward trend. CMGI rose 4 percent to close at $88.94, and DoubleClick gained nearly 3 percent to $83.06. Some of the Dow's stalwarts helped it higher: Wal-Mart rose almost 5 percent to $60.94, and Hewlett-Packard gained nearly 4 percent to $30.50.

Automaker General Motors rose almost 3 percent to $84.69, and General Electric was up 2 percent to $156.88. Coca-Cola suffered another fizzler of a day, however, losing almost 5 percent to $45.50.

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