Bond Slump Leads to Internet Turnaround
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Internet stocks rallied to close higher after a morning slump, thanks in part to strength among online financial issues brought on by a bond market slump.
internet.com's Internet Stock Index rallied to close up 10.19, or 2.13 percent, to 488.24, the Nasdaq Composite added 26.65 to 2,739.34 and the Dow Jones industrial average lost 84.85 to 10,829.28.
Leading the charge were online brokers and other financial stocks. Movers included E*Trade Group Inc. (EGRP) up 1-3/8 to 25 as well as online mortgage providers Morgage.com (MDCM) jumping 5 to 17-1/2.
Other strong gainers included Amazon.com Inc. (AMZN) up 5-1/8 to 124-3/8, Broadcom Corp. (BRCM) jumping 3-7/16 to 128-3/4, Ariba (ARBA) up 5-1/4 to 139, CMGI Inc. (CMGI) added 2-1/8 to 83-15/16 and DoubleClick Inc. (DCLK) climbed 5-1/8 to 99-7/8.
Among other movers, Inktomi Corp. (INKT) ended up 4-5/8 to 113-3/8, Go2Net (GNET) added 4-9/16 to 65, Real Networks Inc. (RNWK) jumped 5-5/8 to 81-3/4 and Yahoo! Inc. (YHOO) climbed 3-11/16 to 147-1/2.
On Tuesday, AOL and eBay launched a new co-branded site that will give AOL users easier access to eBay auctions.
Excite@Home (ATHM) slumped 1-3/8 to 40-1/8. On Tuesday, the company took several minority stakes totaling $45 million in Rosenbluth Interactive. Rosenbluth has invested in a number of Internet start-ups, including WebMD, Webstakes.com, Quokka Sports and E-Stamp.
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