Free ISPs Among Internet Standouts on Record Nasdaq Day
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Internet issues remained strong in Tuesday's afternoon trading, helping the Nasdaq achieve its largest single point gain in its history. Helping investor sentiment, the Federal Reserve Tuesday opted to stand pat on interest rates during its final meeting of the year.
internet.com's Internet Stock Index gained 43.20, or 5.21 percent, to 871.86, the Nasdaq Composite jumped 127.17 to 3911.04 and the Dow Jones industrial average closed up 56.27 to 11200.54.
Juno Online Services (JWEB) gained 37-3/4, or 130 percent, to 66-3/4. The stock surged following Monday's announcement that the free e-mail pioneer will now offer free Internet access to its users. The news also benefitted Britain's Freeserve (FREE), sending shares up 17-1/4 to 101-1/4.
Media Metrix came out with its monthly Web ratings; important at such early stages in the Internet's evolution, these numbers give Internet stocks a lot of their momentum.
According to the firm, total U.S. Web users increased 750,000 from 63.9 million in October to 64.6 million in November. The percentage growth is better than the past four months, which averaged 240,000 Web users.
More importantly, there was evidence of strong growth in average minutes and pageviews per user. These metrics have a large impact on advertising and e-commerce dollars. Once again, It seems Internet investors are riding the fourth quarter seasonal momentum that these Media Metrix numbers seem to reinforce.
internet.com's CyberAtlas publishes the full Media Metrix monthly reports.
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