Internets Spared Much of Tech, Blue Chip Selloff
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Interest rate jitters continued to sweep across U.S. markets Tuesday, leading to steep declines in blue chip and tech stocks. Internet stocks were split, with several strong gainers minimizing losses.
At noon Eastern, internet.com's Internet Stock Index was off 14.23, or 1.55 percent, to 903.20, the Nasdaq Composite had plunged 87.40 to 4,043.75 and the Dow Jones industrial average had dove 159.47 to 11,198.04.
Losers included Broadcom Corp. (BRCM) off 5-1/2 to 267-5/8, Broadvision Inc. (BVSN) was down 11-1/16 to 178-3/8, Doubleclick Inc. (DCLK) had fallen 9-1/2 to 258-1/2, eBay Inc. (EBAY) was down 8-1/8 to 133-1/8, Infospace (INSP) was off 12-3/4 to 200 and Lycos Inc. (LCOS) was down 6-3/64 to 79-3/16.
American depositary receipts of New Tel Ltd. (NWLL) had soared 25-19/32 to 33-13/16. The Australian telecommunications company formally announced plans to transfer 25 percent of its stock to Chinese news agency Xinhua Holdings Ltd.
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