Internets Take Back Seat to Blue Chips
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Internet stocks were trading lower Tuesday as blue-chip stocks stole the show buoyed by strong gains in the financial sector and a strong surge in the consumer confidence index.
Just before noon Eastern, internet.com's Internet Stock Index had shed 13.32, or 1.84 percent, to 706.21, the Nasdaq Composite was off 5.90 to 3,415.47 and the Dow Jones industrial average had jumped 85.18 to 11,033.10.
The Conference Board Tuesday reported its consumer confidence index jumped to 135.8 in November from a revised 130.5 in October. November's mark is the best showing since August and reverses four straight declines. The board's consumer index measures consumers' expectations for the economy during the next six months.
America Online Inc. (AOL) had shed 2-3/8 to 76-5/8. Investors were fretting over news that the company plans to issue about $1.25 billion in zero-coupon convertible notes to raise funds for corporate expenses.
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