Nasdaq Tops 5,000 for First Time
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Internet stocks zoomed higher as investors continued pouring money into the business-to-business e-commerce and wireless sectors. VerticalNet was a dominant factor in the NASDAQ's close above 5,000.
internet.com's Internet Stock Index closed up 42.29, or 3.95 percent, to 1,111.96, the Nasdaq Composite soared 149.60 higher to 5046.86 and the Dow Jones industrial average gained 154.20 to 10010.73.
Also, CS First Boston's Lise Buyer reiterated her "strong buy" on AOL, saying the fundamentals of the company remain "very strong."
GoTo.com (GOTO) slipped 2-5/8 to 47-7/8. The search company Thursday purchased auction listing aggregator AuctionRover.com Inc. for about $175 million in stock. (Editor's Note: internet.com is an investor in AuctionRover)
Covad Communications (COVD) was up 5 to 95-1/4. The DSL Internet provider Thursday purchased LaserLink.net for $387 million in stock. LaserLink provides branded broadband solutions to corporate customers.
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