Strong NAPM Numbers Pull Down Markets
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A stronger-than-expected report from the National Association of Purchasing Management was pulling down blue chips and techs, although Internet stocks were only seeing minimal losses.
internet.com's Internet Stock Index was off 1.27, or .24 percent, to 525.98, the Nasdaq Composite had fallen 19.08 to 2,727.08 and the Dow Jones industrial average had tumbled 93.08 to 10,243.87.
The NAPM reported Friday that a survey of executives showed prices paid by factories rose to their highest level in more than four years, once again fueling speculation that the Federal Reserve may raise interest rates when it meets later this month.
eBay Inc. (EBAY) was down 1-1/2 to 139-9/16 after announcing plans to open 50 regional Web sites by year's end. The sites are an effort to lure advertising that normally goes in a newspaper's classified ad section.
Among other Internet leaders, America Online Inc. (AOL), which has been rumored to be vying for Excite@Home's cable Internet business, was up 2-9/16 to 106-5/8, Xoom.com Corp. (XMCM) had climbed 3-5/8 to 53-1/4, CMGI Inc. (CMGI) was off 2 to 100-1/2, Doubleclick (DCLK) was down 4-1/2 to 114-5/8 and Inktomi Corp. (INKT) had fallen 4-13/32 to 115-5/8.
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