Stocks Lose Steam Following Fed Bias Change
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As expected, the Fed left interest rates unchanged although the board adopted a bias towards tightening which means another rate hike may be near. While stocks as a whole ended mixed, Internet shares were able to post strong gains.
internet.com's Internet Stock Index was up 10.77, or 2.04 percent, to 538.48, the Nasdaq Composite rose 3.09 to 2,799.06 and the Dow Jones industrial average was down 9.82 to 10,391.41.
Concur Technologies (CNQR) plunged 20-1/16 to 12-13/16. The company, which provides e-commerce solutions, said it will fall short of next quarter's Wall Street expectations on its revenues. The company has experienced delays in orders from customers.
As for the Net leaders, Ariba Inc. (ARBA) was up 1-7/8 to 164-3/4, Juniper Networks (JNPR) climbed 1-7/8 to 184, Lycos (LCOS) rose 4-1/4 to 56-1/2, Doubleclick Inc. (DCLK) was higher by 8-13/32 to 122-9/16, Verisign Inc. (VRSN) was up 9-1/2 to 112-3/8 and Inktomi Corp. (INKT) had gained 3-13/16 to 118-7/8.
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