Jobs Report Sends Internet Stocks Higher
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Higher-than-expected wage growth in May helped stocks post strong gains, even though the number of new non-farm jobs was lower than expected. Analysts said the low job creation numbers will likely mean interest rates will remain unchanged.
Just after noon, internet.com's Internet Stock Index was up 10.85, or 2.33 percent, to 475.86, the Nasdaq Composite had gained 50.70 to 2,454.02 and the Dow Jones industrial average was up 38.31 to 10,702.00
One of the sector's biggest movers was Beyond.com Corp. (BYND) which had soared 5-5/16 to 22-3/4. The company, along with Microsoft Corp. and Intellisys Technology Corp., was awarded a $120 million contract by the Internal Revenue Service to electronically deliver and maintain Microsoft software on 130,000 IRS computers.
CS First Boston also upped its fiscal year 2000 earnings estimates for Beyond.com to a loss of $1.54 a share from a $1.61 loss.
Custom Tracks (CUST) was off 7-3/8 to 43-3/4. Last week, the company sued e-mail provider Critical Path alleging it had violated a confidentiality agreement.
The sector's latest IPO was having a successful debut Friday. Online investment bank Wit Capital Group (WITC) was up 6-1/2 to 15-1/2. The company sold 7.6 million shares at $9, raising $68.4 million.
Amazon.com Inc. (AMZN) was up 1-1/32 to 106-3/32 despite a threat by The New York Times Co. to take court action against the online bookseller's use of The New York Times bestseller list in promotions.
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