Fed Officials Tug on Markets
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Markets ended mixed Wednesday after Federal Reserve Chairman Alan Greenspan skirted the interest rate issue during a speech Wednesday. However, Fed Governor Laurence Meyer's warning that inflation may still pose a threat was enough to send interest-sensitive techs and Internets lower.
internet.com's Internet Stock Index fell 9.40, or 1.88 percent, to 490.63, the Nasdaq Composite dropped 28.52 to 2,808.74 and the Dow Jones industrial average was up 1.26 to 11,035.39.
There were a variety of deals for Internet service providers. Shares of Concentric Network Corp. (CNCX) were up 1-11/16 to 24-7/16. The company Wednesday purchased UK Internet provider Internet Technology Group PLC for $215 million.
Online grocer Webvan announced the terms of its IPO today. It plans to sell 25 million shares between $11-$13. The lead underwriter is Goldman Sachs.
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