Abundance of Good News Helps Internet Stocks
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Internet stocks were the star of the day Monday as the sector posted strong gains across the board, boosted by several deals and positive earnings forecasts.
Internet.com's Internet Stock Index climbed 27.56, or 4.39 percent, to 655.58, the Nasdaq gained 62.67 to a record 2,653.36 and the Dow Jones industrial average added 25.49 to 10,715.16.
Online brokers turned in gains after U.S. Bancorp Piper Jaffray released a report saying online trading grew 49 percent in the first quarter and E*Trade announced it had surpassed 1 million accounts. E*Trade Group Inc. (EGRP) gained 15-15/16 to 120, Ameritrade Holding Corp. (AMTD) jumped 14-1/8 to 141-1/8, National Discount Brokers Group Inc. (NDB) added 5-5/16 to 60-13/16,.
eBay Inc. (EBAY) gained 8-7/8 to 209 after buying auction house Butterfield & Butterfield for $260 million. The company is also set to report earnings later Monday. Analysts have forecast a 2-cent profit.
InfoSpace.com Inc. (INSP) jumped 18-1/8 to 134-7/8 after announcing plans to introduce a new service that will allow persons to receive news, stock quotes and other information directly on their computers without visiting a Web site.
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