Internets Benefit From Positive Economic News
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A lower-than-expected rise in prices paid to producers, farmers and factories in July sent stocks soaring 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.
internet.com's Internet Stock Index soared 20.23, or 4.70 percent, to 450.90, the Nasdaq Composite was up 88.33 to 2,637.82 and the Dow Jones industrial average vaulted 184.26 to 10,973.65.
Among the Internet stocks trading higher on the news was America Online Inc. (AOL) up 4-1/16 to 96-13/16, Amazon.com Inc. (AMZN) climbed 5-11/16 to 97-7/16, CMGI Inc. (CMGI) up 4-9/16 to 81-1/2 and Yahoo! Inc. (YHOO) moved up 4-7/16 to 132-13/16.
Online brokers were also stronger. Ameritrade Holding Corp. (AMTD) was up 1-1/4 to 23-3/4, E*Trade Group Inc. (EGRP) up 1-3/4 to 26-1/8, 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 1-1/2 to 33-7/16.
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