Internet Stocks Await Fed Decision
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There was little movement in Internet stocks by midday Tuesday as investors remained on the sidelines, waiting for the Federal Reserve to issue the latest word on interest rates.
The Fed's meeting will begin at 2 p.m. Eastern and a decision on interest rates is expected shortly thereafter.
Just before noon, the Dow Jones industrial average was up 56.04 to 10,909.51, the Nasdaq Composite had climbed 2.27 to 2,564.11 and Internet.com's Internet Stock Index was off 2.79, or .48 percent, to 576.21.
The biggest ISDEX gainer was Broadcom Corp. (BRCM). The communications chip maker was up 7-1/8 to 97-7/8. Morgan Stanley Dean Witter Discover Tuesday increased its price target on Broadcom to $120 from $95.
Lycos is also set to report earnings after Tuesday's market close.
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