Net Stocks Surge After Greenspan Speaks
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Internet issues continued gaining momentum in afternoon trading despite comments from Fed chairman, Alan Greenspan that the economy shows no signs of slowing down. Investors shrugged off short-term interest rate hike worries and sent tech related indices higher.
internet.com's Internet Stock Index (ISDEX) was up 18.17, or 1.96 percent, to 945.15, the Nasdaq composite surged 121.25 higher to 4548.90 and the Dow Jones Industrial average lost 46.84 to 10514.57.
After a 500 percent debut last Friday, webMethods (WEBM) rocketed 79-3/4 higher to 300. WEBM is a B2B e-commerce infrastructure provider, allowing clients to do business online with their customers, suppliers and business partners.
eBay (EBAY) announced a joint venture with NEC Japan to create eBay Japan. NEC will take an equity stake in eBay Japan and promote the site through its BIGLOBE Internet Service Provider (ISP), personal computer products and offline marketing campaigns. Shares of EBAY gained 4-9/16 to 145-1/4.
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