Blue Chips Soar, Nets Stage Comeback
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Blue chips ruled for the second consecutive session Thursday, scoring gains of almost 500 points to lead the group to its biggest two-day gain since October 1987.
Meanwhile, technology stocks seesawed for much of the day before staging an impressive performance of their own, gaining more than 100 points.
internet.com's Internet Stock Index jumped 39.55, or 4.07 percent, to 1,011.60, the Nasdaq Composite soared 134.67 to 4,717.29 and the Dow Jones industrial average leaped 499.19 to 10,630.60.
Many Internet leaders did an about-face to post double-digit gains. Strong movers included Broadcom Corp. (BRCM), up 24-7/8 to 213-13/16, Checkpoint Software (CHKP), up 10-7/16 to 219-1/8 and Amazon.com Inc. (AMZN), climbed 2-1/2 to 66-1/4.
The day's worst Internet performer was online grocer Peapod Inc. (PPOD) which plunged 4-3/32 to 3-23/32. The firm lost a $120 million investment after its president and chief executive officer announced his resignation, citing health reasons. Peapod said it is exploring several alternatives, including a sale.
Launch Media (LAUN) added 1/2 to 20-3/8 on news it is forming a partnership with Japan's Softbank Publishing, Yahoo! Japan and Tokyo Broadcasting System.
Cobalt Group Inc. (CBLT) rose 1-3/4 to 13-9/16. The company, which provides Internet services for auto dealers, sealed partnerships with two online auto sites.