Tame PPI Report Sends Stocks Soaring
Page 1 of 1
A lower-than-expected rise in prices paid to producers, farmers and factories in July sent stocks soaring in midday trading Friday.
The Labor Department reported the producer price index rose 0.2 percent last month, up from a 0.1 percent decline in June. The PPI core rate, which excludes volatile food and energy sectors, was unchanged after a 0.2 percent decline in June. That led stocks to surge as analysts were expecting larger increases.
Just before noon, internet.com's Internet Stock Index had soared 20.18, or 4.69 percent, to 450.85, the Nasdaq Composite was up 70.10 to 2,619.59 and the Dow Jones industrial average had vaulted 154.82 to 10,944.21.
Among the Internet stocks trading higher on the news was America Online Inc. (AOL) up 4 to 96-3/4, Amazon.com Inc. (AMZN) had climbed 4-7/16 to 96-3/16, CMGI Inc. (CMGI) up 5-5/16 to 82-1/4 and Yahoo! Inc. (YHOO) moved up 4-3/16 to 132-9/16.
Online brokers were also stronger. Ameritrade Holding Corp. (AMTD) was up 1-7/16 to 23-15/16, E*Trade Group Inc. (EGRP) up 1-9/16 to 25-15/16, National Discount Brokers Group Inc. (NDB) had gained 2-5/16 to 34-1/4 and Southwest Securities Group Inc., (SWS) parent of Mydiscountbroker.com, had added 3-3/16 to 36-3/4.
ALL NEW! internet.com's HotWatch a monthly e-mail subscription for $99, featuring Internet Stock Report's top 10 noteworthy Internet stocks for the month. Each month you will receive in-depth analysis on the top 10 Internet stocks to watch with the information you need to assess the fast-paced nature of Internet stocks. Staying on top of market changes in the Internet Stock market is what counts. For $99 per year, you receive 12 timely issues sent to you by e-mail. Don't wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters