Internet Stocks Break Away from Broader Markets
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While most of the major stock indices were falling despite a tame inflation report, a variety of deals were helping Internet stocks stay above water in midday trading.
Just before noon, internet.com's Internet Stock Index was up 5.40, or 1.17 percent, to 466.66, the Dow Jones industrial average had shed 7.28 to 11,039.51 and the Nasdaq Composite had sank 6.24 to 2,639.04.
Stocks surged early after the government said the consumer price index rose 0.3 percent in July -- the first time the index had climbed since April. The core rate, which excludes volatile food and energy prices, rose 0.2 percent which was in line with economists' forecasts.
One of the sector's biggest gainers was Software.com Inc. (SWCM) which jumped 4-7/8 to 35-1/8. The company, which supplies e-mail systems to Internet providers, said Sprint PCS had licensed its InterMail software for its wireless messaging service.
Elsewhere in the sector, National Discount Brokers Group Inc. (NDB) was up 7/16 to 32-15/16, DLJdirect (DIR) was unchanged at 19-1/2 and Southwest Securities (SWS), parent of Mydiscountbroker.com had risen 5/8 to 36-1/4.
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