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Wall St. fiesta resumes
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November 11, 1998: 10:00 a.m. ET
Stocks jump in early trading led by strong gains in technology sector
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NEW YORK (CNNfn) - Wall Street was back on the bull wagon Wednesday after a two day lull, ignited by a rally among technology stocks and an overall positive feeling about the state of the U.S. economy.
At around 10 a.m. the Dow Jones industrial average was 49.43 points higher at 8,913.41. On the New York Stock Exchange, advances led declines 1,345 to 742 as 63 million shares changed hands.
The Nasdaq Composite jumped 22.06, or 1.2 percent, to 1,887.68 and the broad S&P 500 index rose 2.16 to 1,130.42.
The bond market was closed due to the U.S. Veterans' Day holiday.
The dollar eased against the Japanese yen but rose slightly against the German mark in trading limited by the U.S. holiday.
Tech stocks on fire
Technology and Internet issues led the crowd of buyers, as investors appeared thrilled by prospects of strong computer demand and solid earnings in the sector.
Shares of chip maker Intel (INTC) soared 5-1/8 to 102-11/16 after late Tuesday the company predicted strong revenue growth in the fourth quarter.
Intel's rosy outlook helped boost shares of computer maker Dell (DELL) 2-3/16 to 72-1/2, and other technology giants followed suit. Software titan Microsoft (MSFT) gained 1-7/16 to 113-1/2 and Cisco Systems (CSCO) rose 3/4 to 67-3/4. Dow component IBM (IBM) climbed 2-1/2 to 158-1/2.
Among Internet stocks, shares of online music retailer K-Tel (KTEL) surged 7-5/16, or almost 32 percent, to 30-1/4, still banking on Tuesday's announcement that Microsoft's MSN Shopping Channel will feature K-Tel's online music and video service.
Others weren't far behind, with search engine Excite (XCIT) gaining 1-7/8 to 53-1/2, and online auctioneer eBay (EBAY) climbing 1-5/8 to 132-1/2. Excite said it had signed a deal with Bank One to provide banking services online. 
-- by staff writer Malina Poshtova Zang
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