Rate Hike Can't Stop Soaring Stocks
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Stocks continued their torrid pace Tuesday as all major indices rose despite a hike in interest rates.
internet.com's Internet Stock Index jumped 30.84, or 4.82 percent, to 670.63, the Nasdaq Composite climbed 73.53 to a record 3,293.07 and the Dow Jones industrial average leaped 171.58 to 10,932.33.
As widely expected, the Federal Reserve hiked the fed funds rate -- the rate banks charge each other for overnight loans to cover government-mandated asset requirements -- by a quarter point to 5.5 percent. Fed governors did lift their bias towards tightening which makes it less likely subsequent rate hikes will be implemented before year's end.
As for the Net leaders, Yahoo! (YHOO) ended up 7-9/16 to 212-9/16, Priceline.com (PCLN) climbed 8-13/16 to 68-3/4, Doubleclick Inc. (DCLK) gained 7-9/16 to 163-9/16, Exodus Commuications (EXDS) closed up 15-11/16 to 108-9/16 and Go2Net Inc. (GNET) added 1-15/16 to 76-3/8.
American depositary receipts of China.com (CHINA) jumped 25-13/16 to 127 on news that the United States and China had signed a World Trade Organization pact making the Asian nation a WTO member. In the past Chinese officials had declared bans on overseas investments in Chinese Internet properties. The new deal will reportedly remove that concern.
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