Market Strength Helps Internet Stocks Surge, Dow Set Milestone
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Internet stocks started off a holiday-shortened week by surging Monday, helped by continued optimism that also gave the Dow Jones industrial average the nudge it needed to close above the 10,000 mark for the first time.
The Dow Jones industrial average closed up 184.54 to 10,006.78 while the Nasdaq Composite gained 72.78 to 2,491.95. Internet.com Internet Stock Index also benefitted, closing up 16.25, or 3.03 percent, to 553.33.
One of the biggest contributors to the positive momentum among Internet issues was Amazon.com Inc. (AMZN), which gained 10-9/16 to 149-5/8. The online retailer Monday announced plans to start an online auction service.
Providing more proof of the positive effects of adding .com to a company's name, shares of Computer Literacy (CMPL) shot up 7-1/2 to 28-1/4 Monday. The online retailer of technical books Monday changed its name to Fatbrain.com. Its stock will begin trading Tuesday under the new symbol "FATB."