Trade Numbers Send Internets Reeling
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Internet issues, along with all major U.S. market indices, took a dive Thursday after the government reported a steep increase in the trade deficit.
Just before noon, internet.com's Internet Stock Index had tumbled 14.99, or 2.98 percent, to 470.60, the Nasdaq Composite had plunged 36.55 to 2,621.05 and the Dow Jones industrial average had fallen 90.55 to 10,900.83.
The Commerce Department reported the trade deficit widened to $24.62 billion in June from $21.16 billion in May. Last month's figure was sharply higher than the $20.6 billion economists had forecast.
That news caused all the Internet leaders to fall, including Yahoo! Inc. (YHOO) down 4 to 141-1/16, Amazon.com Inc. (AMZN) falling 4-1/4 to 108-7/8, America Online Inc. (AOL) slumping 1-15/16 to 97-1/4, CMGI Inc. (CMGI) off 2-9/16 to 82-3/4 and eBay Inc. (EBAY) had lost 5-15/16 to 120.
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