E-Tailers Wow Investors, Pushes Nasdaq to Record
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Internet issues gained momentum in the afternoon, boosting the Nasdaq to yet another record high. Two leading portals grabbed investor's attention as holiday e-commerce numbers continued rolling in.
internet.com's Internet Stock Index surged 21.83 higher, or 2.58 percent, to 868.74, the Nasdaq Composite jumped 69.36 to 4041.47 and the Dow Jones industrial average rose 7.95 to 11484.66.
Shares of Yahoo! Inc. (YHOO) added 13-7/16 to 403-11/16. The portal announced that it has expanded its Yahoo! Shopping service to Yahoo!'s World properties in the UK & Ireland, France, Germany, Korea, Japan, and Australia & New Zealand, further growing its network of e-commerce services around the world.
Value America Inc. (VUSA) was down a fractional 27/32 to 6-1/32. The Internet retailer announced it will miss its earning's target this quarter due to a restructuring effort. The company has plans to lay off 47 percent of its work force as it consolidates facilities and takes other cost-saving initiatives.
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