Interest Rate Hike Drives Market Up
Page 1 of 1
Internet stocks surged higher after the Federal Reserve's Open Market Committee raised the federal funds and discount rate one-quarter percent.
The recent slump in tech-related issues and positive reaction today demonstrates that investors had anticipated such a move for quite some time. In addition, two IPOs boosted Internet issues higher.
internet.com's Internet Stock Index was up 43.72, or 4.46 percent, to 1,022.91, the Nasdaq Composite rose 101.70 to 4711.70 and the Dow Jones industrial average, supported by strength in financial stocks, climbed 227.10 to 10907.34.
E-commerce plays got good news Monday when a committee advising Congress on e-commerce issues approved a recommendation that would not implement any new taxes on Internet purchases. However, the group failed to approve the proposal by a two-thirds majority which means it will not be in the official report set to be submitted to Congress in late April.
Subscribe to Internet StockTracker, a weekly e-mail newsletter from internet.com Corp. Every Friday internet.com will deliver to your e-mail in-box the latest performance data on individual Internet companies and their competitors. Internet StockTracker will deliver to you all the statistics you need to assess the week's activity.Sign up at: e-newsletters.