Fed Rate Hike No Surprise to Investors
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Internet issues remained at mid-day levels following this afternoon's expected announcement that the Fed would raise short-term interest rates by a quarter point.
The rate hike is the fourth quarter-point increase in the past eight months. In addition, the Fed hinted at more rate hikes in the near-term future.
internet.com's Internet Stock Index rose 16.57, or 1.98 percent, to 852.51, the Nasdaq Composite gained 21.98 to 4073.96 and the Dow Jones industrial average dropped 37.85 to 11003.20.
"We expect they will quickly define and lead the online component of the $15 billion+ domestic office furniture market," said Josh Daniels of CMGI @Ventures.
Thomas Weisel Partners initiated coverage on Student Advantage (STAD) with a "strong buy" rating and 12-18 month price target of $32. Reporter@Large recently featured STAD in a research note and also in an interview with chief executive officer Raymond Sozzi. Shares finished down 3/8 to 17-1/8.
InfoSpace.com Inc. (INSP) lost 1-1/2 to 144-1/4. The company's information look-up system will be integrated into Microsoft's Office, enabling its users to easily obtain phone numbers and e-mail addresses.
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