Net Stocks Help Nasdaq Soar to New Record
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Internet stocks were higher for the third straight day and the Nasdaq finished at another record high on Friday as strong employment data tamed investor fears' of inflation.
The Labor Department reported that the U.S. unemployment rate remained at 4.1 percent in November and the economy added 234,000 jobs last month. The job additions came in below economists' forecasts of 263,000. Hourly wages, which is one of the most widely-watched inflation gauges, climbed only 2 cents to $13.41 an hour.
internet.com's Internet Stock Index jumped 12.00, or 1.66 percent, to 736.31, the Nasdaq Composite climbed 67.85 to 3,520.63 and the Dow Jones industrial average soared 247.12 to 11286.18. The Dow was just shy of its 11,326.04 a record close.
InfoSpace.com (INSP) gained 16-1/4 to 131-1/8. The content/application company announced a partnership with Corel Corporation (CORL). Corel will integrate InfoSpace's services into its application platform.
VeriSign (VRSN) announced a partnership with INTERSAT S.A. to provide digital certificate and public key infrastructure services in Greece, Cyprus and South Eastern Europe. Shares of the web based security systems provider surged 11-13/16 to 206-5/8.
Yahoo! (YHOO) climbed 7-7/16 to 253-1/4. The search engine Friday teamed with Singapore's StarHub Pte. to launch a Web site catering to Singapore residents. Also, StarHub unveiled plans for free Internet access and will launch the service Saturday.
PurchasePro.com (PPRO) lost 5-13/16, closing at 145-7/16. The B2B e-commerce marketplace announced its plans for a secondary offering of between 3 and 3.45 million post-split adjusted shares of its common stock.
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