Internet Comeback Continues
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Determined to make up last week's lost ground, Internet and technology issues turned in another spectacular session Tuesday, leading the Nasdaq to its biggest one-day point gain ever.
internet.com's Internet Stock Index soared 77.02, or 11.62 percent, to 739.96, the Nasdaq Composite leaped 254.44 to 3,793.60 and the Dow Jones industrial average gained 179.94 to 10,762.45.
Several leaders posted impressive gains, including Ariba Inc. (ARBA), up 10-5/16 to 64-3/4, Akamai Corp. (AKAM), soared 21-1/2 to 90-1/2, eBay Inc. (EBAY), jumped 19-11/16 to 162-15/16 and Yahoo! Inc. (YHOO) gained 12-5/16 to 126-11/16.
The e-finance sector also posted strong gains, with Ameritrade Holding Corp. (AMTD) up 2-9/32 to 17-1/8, E*Trade Group Inc. (EGRP), gained 3-5/16 to 21-1/2, Knight/Trimark Group Inc. (NITE) jumped 5-5/16 to 35-3/8 and Charles Schwab Corp. (SCH) ended up 3-5/8 to 45-5/8.
Several other leaders are set to report earnings. Inktomi Corp. (INKT) added 24 to 116. The firm, whose software optimizes Internet connections, reports later Tuesday. It is expected to lose 2 cents in its fiscal second quarter compared to a 7-cent loss a year ago.
EarthLink Networks Inc. (ELNK) leaped 4-1/2 to 16-1/2. Fred Moran of Jefferies & Co. cut his price target from $53 to $27. However, despite the pullback, the new target is substantially higher than its current trading range.
Juniper Networks (JNPR) gained 25-7/16 to 198 o