Wage Report Leads Net Stocks Down
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Internet stocks fell from their mid-day levels as economic figures indicated a faster-than-expected increase in wages during January. The increase perpetuated speculation the Federal Reserve will again hike interest rates to slow down the economy.
internet.com's Internet Stock Index (ISDEX) slipped 6.96, or 0.77 percent, to 891.89, the Nasdaq Composite gained 33.16 to 4244.14 and the Dow Jones industrial average fell 49.64 to 10963.80.
eMerge Interactive (EMRG) didn't dissapoint in its long awaited debut. The online hub for the cattle industry priced 8 million shares at $15 each, raising $120 million. The lead underwriter for the deal is Adams Harkness & Hill. Shares surged 32-1/4 higher to 47-1/4.
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