Internets Power Ahead on Good News
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Determined not to be intimidated by the likelihood of an interest rate hike, investors Monday were bidding up Internet issues on a series of positive developments.
Just before noon, internet.com's Internet Stock Index had jumped 17.41, or 3.67 percent, to 491.28, the Nasdaq Composite was up 42.05 to 2,690.38 and the Dow Jones industrial average had climbed 107.02 to 11,207.63.
Online brokerages were also higher. E*Trade Group Inc. (EGRP) was up 1-1/4 to 27-13/16. The company Monday took a minority stake in online mortgage provider LoanCity.com. Southwest Securities (SWS), parent of Mydiscountbroker.com had climbed 1-5/8 to 38-1/4. The company Monday launched a national ad campaign. Other gainers in the sector included National Discount Broker Group Inc. (NDB), up 1-1/8 to 33-7/8.
Transaction Network Services Inc. (TNI) had soared 10-1/8 to 44-3/8 and PSINet Inc. (PSIX) had gained 2-1/4 to 47-13/16. PSINet Monday acquired TNS, a processor of Internet and credit card transactions, for $720 million in cash and stock.
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