Nasdaq Finally Crosses Milestone
Page 1 of 1
Finally, the NASDAQ shot through the 3,000 barrier. Much of the enthusiasm was driven by economic news pointing to a slower economy and less inflation.
internet.com's Internet Stock Index closed up 13.17, or 2.35 percent, to 573.83, the Nasdaq Composite jumped 46.21 to 3,027.84 and the Dow Jones industrial average moved up 27.22 to 10,609.06.
Among Internet issues posting healthy gains was Commerce One Inc. (CMRC) which had soared 46-15/16 to 254. 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 5-3/4 to 138-7/8 and Blockbuster Inc. (BBI) had moved up 1-5/8 to 14-1/8. 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 1-3/8 to 103-7/8. 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)
On the IPO front, Tickets.com raised the price range from $7-$9 to $10-$12. The lead underwriter is Morgan Stanley.
ALL NEW! internet.com's HotWatch a monthly e-mail subscription for $99, featuring Internet Stock Report's top 10 noteworthy Internet stocks for the month. Each month you will receive in-depth analysis on the top 10 Internet stocks to watch with the information you need to assess the fast-paced nature of Internet stocks. Staying on top of market changes in the Internet Stock market is what counts. For $99 per year, you receive 12 timely issues sent to you by e-mail. Don't wait, our next issue will be out before you know it with a whole new perspective on the market. Sign up today at: e-newsletters