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Dow up 89.66;
Nasdaq at record

Associated Press

NEW YORK -- Technology stocks roared higher today, propelling the Nasdaq composite index to a record close and helping the Dow industrials extend its recovery from last week's steep selloff. The Nasdaq composite soared 118.84, or 2.6 percent, to close at 4,696.69, easily surpassing its previous closing record of 4,617.65 set last Thursday. Technology shares also boosted the Dow Jones industrial average, which gained 89.66 to close at 10,128.31.

Advancers beat decliners by a 3-for-2 margin on the New York Stock Exchange, with 1,809 up, 1,179 down and 509 unchanged. NYSE volume totaled 1.18 billion shares vs. 1.027 billion yesterday.

The S&P 500 climbed 18.37, or 1.36 percent, to 1,366.42; the NYSE composite index gained 8.44 to 592.64. The American Stock Exchange composite index advanced 8.85 to 973.23, and the Russell 2000 index rose 20.03 points, 3.6 percent, to a record close of 577.71. The price of the Treasury's 30-year bond was up 20/32 point, or $6.25 per $1,000 in face value; its yield fell to 6.14 percent from 6.16 percent yesterday.

Companies that make computer chips and equipment for the booming chip and Internet industries were among the strongest performers today after investment banks Salomon Smith Barney and Chase H&Q issued recommendations on those sectors. Xilinx and LSI Logic, which were singled out by Salomon, rose sharply.

Motorola Inc. rose sharply after announcing a three-for-one stock split, payable June 1, pending shareholder approval.