"NEWSDAY -- It took the NASDAQ almost a quarter of a century to top the 1,000 level, but a mere 10 weeks to race from 4,000 to 5,000 -- the mark it crossed Thursday in yet another sign that technology has become king on Wall Street. The NASDAQ composite index, which has been the hottest index in U.S. history, rose 149.69 points, or 3.1 percent, to 5,046.86, after crossing the 5,000 mark during trading Tuesday before falling off.

“There’s lots of money pouring into the market, and half of it is going into technology stocks,” said Charles Payne, head of trading at Wall Street Strategies. The NASDAQ is heavy with technology stocks, including bellwethers Microsoft Corp. and Intel Corp.

The gap between the NASDAQ and the Dow Jones industrial average is beginning to look like a gulf. So far this year, the NASDAQ is up about 24 percent. The Dow, which has been depressed, is down about 13 percent. For all of 1999, the NASDAQ was up a stunning 86 percent.

Thursday, the Dow, composed of 30 blue-chip stocks that many say represent the “Old Economy,” also had an upbeat day, rising 154.20 points, or 1.6 percent, to 10,010.73. The broader Standard & Poor’s 500 index gained 34.99, or 2.6 percent, to 1,401.69 "  »»» Click Here For More