Internet Issues Flying High as Nasdaq Crosses 4,000
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Investors were eagerly snapping up shares of business-to-business Internet and infrastructure plays in midday trading as all sectors of the market were moving strongly higher.
At 12:30 p.m. Eastern, internet.com's Internet Stock Index had gained 19.99, or 2.25 percent, to 871.87, the Nasdaq Composite had jumped 29.04 to 4004.42 and the Dow Jones industrial average was up 80.20 to 11471.28.
Strong gainers included B2B plays Commerce One Inc. (CMRC) up 39-1/16 to 295-1/2, Ariba Inc. (ARBA) adding 19-3/16 to 201-15/16, Freemarkets Inc. (FMKT) climbing 23-7/16 to 292-1/2 and VerticalNet (VERT) rising 21-1/2 to 162-7/8.
eToys (ETYS) was rising 3-15/16 higher to 29-7/8. The toy etailer is rebounding after hitting an all-time low of 24-1/2 this morning. Investors are rallying behind the stock as it will report 75 percent of its total revenues in the current fourth quarter.
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