Net Stocks Left Behind as Nasdaq, Dow Power Ahead
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The Nasdaq Composite once again moved past the 3,000 level in midday trading Tuesday as all major indices were benefitting from new economic statistics that showed the U.S. economy may be slowing.
Just before noon Eastern, internet.com's Internet Stock Index was off 6.21, or 1.10 percent, to 560.66, the Nasdaq Composite had jumped 50.91 to 3,032.54 and the Dow Jones industrial average had moved up 24.77 to 10,606.61.
The Commerce Department reported Wednesday September orders for durable goods fell 1.3 percent and nondurable orders fell 0.4 percent. Also, the Conference Board's index of leading economic indicators fell 0.1 percent, led by drops in consumer good orders and building permits. The Commerce figures point to a slowdown in the U.S. economy which may lead the Federal Reserve to keep interest rates stable through the remainder of the year.
Among Internet issues posting healthy gains was Commerce One Inc. (CMRC) which had soared 41-13/16 to 248-7/8. The company, whose software enables companies to communicate with suppliers over the Web, announced it will team with General Motors Corp. (GM) to make its purchasing processes more efficient.
America Online Inc. (AOL) had gained 4-1/8 to 137-1/4 and Blockbuster Inc. (BBI) had moved up 1-7/16 to 13-15/16. AOL Wednesday invested $30 million in the video rental giant. As part of the deal, Blockbuster will also promote AOL across its retail chain.
CMGI Inc. (CMGI) was up 1-5/8 to 104-1/8. The company said its AltaVista unit lost $283.9 million in its fiscal year ended July 31. During part of the year, AltaVista was still a unit of Compaq Computer Corp. (CPQ)
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