Stocks rose yesterday in New York as a fresh round of optimism about Internet shares drove the technology sector higher and lifted the broad market out of an early slump. The Dow Jones industrial average closed up 19.57 at 11,244.89. The blue-chip index spent most of the day in negative territory, falling as much as 100 points early in the session.

Internet stocks rose sharply a day after CMGI Inc announced a two-for-one stock split and reported fiscal first-quarter results that easily exceeded analysts' expectations. Enthusiasm for CMGI spread to similar companies.

The Standard and Poor's 500 rose 5.46 to 1,418.78, and the Nasdaq composite index rose 82.46 to 3,704.41. Declining issues outnumbered advancers by an eight-to-seven margin on the New York Stock Exchange, with 1,663 down, 1,455 up and 465 unchanged. NYSE volume totalled 1.07 billion shares at the close compared to 1.02 billion in the previous session.