Internets Stage Huge Rate Relief Rally
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Shares of Internet leaders were soaring in midday trading Wednesday as investors were breathing a sigh of relief over the decision by the Federal Reserve to leave interest rates unchanged.
Just before noon, internet.com's Internet Stock Index had soared 20.85, or 3.87 percent, to 559.33, the Nasdaq Composite had jumped 47.44 to 2,847.11 and the Dow Jones industrial average had zoomed 92.45 to 10,493.04.
Yahoo! (YHOO) was up 2-3/16 to 175-1/2. Analysts expect the search leader to report a 9-cent profit later Wednesday.
Other solid movers included eBay Inc. (EBAY) up 8-11/16 to 149-7/8, Etoys (ETYS) up 7-1/4 to 75-7/8, Go2Net (GNET) up 3-1/4 to 65-1/4, Infospace Corp. (INSP) up 2-3/8 to 42-7/8, Lycos Inc. (LCOS) rose 5-1/8 to 61-5/8 and MP3.com (MPPP) rose 3-1/4 to 37-7/8.
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