Internet Investors Cheer Friday Comeback
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Internet investors finally had something to cheer about Friday as stocks ended higher across the board thanks to a wave of buying following steep sell-offs earlier in the week.
internet.com's Internet Stock Index rose 1.66, or .34 percent, to 495.39, the Nasdaq Composite jumped 62.91 to 2,869.63 and the Dow Jones industrial average climbed 66.17 to 10,803.63.
Shares of online auction leader eBay Inc. ended off significantly in midday trading Friday, taking it on the chin after a group of technology leaders announced they were forming a competing auction network.
eBay Inc. (EBAY) lost 10-3/4 to close at 141 after Microsoft Corp. (MSFT), Dell Computer Corp. (DELL), Lycos Inc. (LCOS) and Excite@Home Corp. (ATHM) announced plans to create an online auction service.
The auctions will be run by privately-held Fair Market Inc. Details of the network will be unveiled on Monday.
Other sector leaders ended solidly higher as investors were coming back into the sector on this "triple-witching" Friday when options and futures contracts expire.
Ariba (ARBA) gained 8 to 131-3/8, Broadvision Corp. (BVSN) climbed 10-7/8 to 116-3/4, DoubleClick Inc. (DCLK) moved up 7-5/8 to 116-1/4, Exodus Communications (EXDS) climbed 3-1/16 to 75-5/16, Priceline.com Inc. (PCLN) added 1-1/8 to 58-1/4 and Yahoo! Inc. (YHOO) lost 5/16 to 163-1/8.
A report released this week by Wit Capital predicted independent Internet providers will come under increasing pressure due to competition from free ISPs.
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