ISDEX Posts Strong Afternoon Rebound
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A number of alliances announced and positive comments from analysts sent Internet issues higher on Thursday.
A report that retail sales surged at the fastest rate since 1984 while inflation remains in check also played a major role in the day's success.
internet.com's Internet Stock Index climbed 35.44, or 4.48 percent, to 826.07, the Nasdaq Composite rose 107.19 to 3957.21 and the Dow Jones industrial average gained 31.33 to 11582.43.
Retail sales rose 8.9 percent in 1999 -- the highest level since a 10 percent gain was recorded 15 years ago. Meanwhile, the producer price index rose 0.3 percent last month, or 0.1 percent excluding food and energy. For the year, the PPI rose only 0.9 percent, substantially off 1998's climb of 2.5 percent.
Commerce One (CMRC) announced a joint venture with Shell to develop an online B2B marketplace for the energy industry. The alliance will provide online procurement for businesses invloved with oil, gas and chemicals. Shares of CMRC rose 17-5/16 to 173-7/8.
Inktomi Corp. (INKT) gained 14-11/16 to 102, Lycos Inc. (LCOS) climbed 4-15/16 to 74-7/8, MP3.com Inc. (MPPP) added 5/8 to 33-5/16, Network Solutions Inc. (NSOL) was up 6-1/8 to 226-15/16 and Verisign Inc. (VRSN) moved up 15-37/64 to 176.