ISDEX Jumps 2.5 Percent on Leader Strength
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Internet shares soared Friday, helping the Nasdaq Composite set a new record led by the leaders, such as Yahoo! and eBay.
internet.com's Internet Stock Index climbed 13.05, or 2.59 percent, to 517.56, the Nasdaq Composite closed up 34.67 to 2,886.69 and the Dow Jones industrial average dropped 51.29 to 11,028.11.
America Online Inc. (AOL) closed up 1/8 to 96-3/8. Marc Andreessen, the chief technology officer, announced he is leaving to become a part-time advisor to AOL. William Raduchel, from Sun Microsystems, will replace him.
In his weekly wrap-up, BancBoston Robertson Stephens Internet analyst Keith Benjamin said he expects Internet stocks to soon return to their highs in part because of strength in the Internet advertising market, as well as much strength for the upcoming Christmas season.
That was good news for e-tailers, including Amazon.com Inc. (AMZN) which jumped 2-7/8 to 66-1/2, eBay Inc. (EBAY) rose 13-9/16 to 158, Yahoo! (YHOO) climbed 7-13/16 to 170-1/2, and eToys (ETYS) added 9-3/8 to 53.
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