US share prices closed sharply higher as investors jockeyed for position at the end of the year.

The Dow Jones Industrial Average closed up 94.23 points at 9,320.98, just 54 points short of its record high. Investors locked into profit-taking on the soaring technology stocks - the Nasdaq index reached its second record high this week to finish up 0.88 at 2,181.18.

Volume on the New York Stock Exchange picked up from recently poor levels to stand at $590.6m by the close, with 1,741 issues higher, 1,364 lower, and 560 unchanged.

Internet stocks finally succumbed to profit-taking after boasting sharp gains in the past week. America Online (AOL) eased 4 to 153-1/4, after earlier moving around 13 higher, while Netscape fell 2-1/16 to 66-1/8. Yahoo! was down 4-3/16 at 271-5/16, Amazon.com was down 20-3/16 at 331-3/4 and EBay fell 11-11/16 to 273-13/16.

The broader technology sector also posted losses, with IBM down 2-1/4 at 187-1/16, Dell Computer 1/4 easier at 74-1/2 and Intel down 1-1/16 at 121-1/16.

The telecoms sector was among the day's winners with AT&T up 3-3/4 at 78-3/4 after S&P Equity Group analyst Philip Wohl said the company is approaching its job cut goal faster than expected. Bell South was up 2-1/8 at 48-3/8 and MCI Worldcom up 2-3/16 at 74-1/8.