Jobs Report Stimulates Market
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Internet stocks continued flying higher in mid-day trading after a number of analyst upgrades. Also adding momentum, a positive employment report for the month of March.
By 12:20 Eastern, internet.com's Internet Stock Index was up 38.94, or 4.37 percent, to 929.44, the Nasdaq composite was up 135.44 to 4,403.00 , and the Dow Jones industrial average had gained 48.09 to 11,162.36.
The U.S. Labor Department reported the economy added 416,000 new jobs in March, more than the 375,000 analysts had expected. However, average hourly wages rose only $0.05 to $13.60 an hour, a gain of 0.4 percent. The jobless rate remained unchanged from February at 4.1 percent.
Several analysts followed the lead of Merrill Lynch analyst Sofia Ghachem, who initiated coverage of Safeguard Scientifics (SFE) yesterday with a "near-term buy"/ "long-term buy" rating and $100 price target. Today, Prudential Securities upgraded the stock from "accumulate" to "strong buy" with a $94 price target. Lehman Brothers initiated with a "buy" rating and $100 price target. Deutsche Bank initiated coverage with a "strong buy" and $70 price target. Shares of SFE were up 8-3/4 to 59-1/4.
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