Economic Reports, Fed Comments Bring Down Stocks
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Renewed strength in U.S. factory orders combined with cautionary comments from Federal Reserve governor Edward Kelly put pressure on markets throughout the day causing all major indices to end the day in the red..
internet.com's Internet Stock Index ended off 3.99, or .83 percent, to 474.64, the Nasdaq Composite lost 16.52 to 2,734.28 and the Dow Jones industrial average dropped 99.10 to 10,838.78.
As for the Net leaders, Amazon.com (AMZN) , whose shares split 2-for-1 after Wednesday's close, was closed up 21/32 to 60-3/16, America Online Inc. (AOL) increased 1/4 to 91-1/8, Ariba (ARBA) dipped 3 to 131, Yahoo! (YHOO) dropped 1-3/4 to 141-9/16 and eBay Inc. (EBAY) fell 1/2 to 121-7/16.
Beyond.com Corp. (BYND) climbed 7/16 to 17-1/8. The company won a government contract which could be worth up to $30 million to supply Corel Corp. software to the U.S. Department of Defense. Corel Corp. (CORL) was up 7/16 to 5-15/16.
The research firm Jupiter Networks set the terms of its IPO today, with the price range at $15-$17. The lead underwriter is Donaldson, Lufkin & Jenrette.
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