Internet Stocks Ride Upward Wave
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A variety of deals helped many of the leading Internet stocks rocket forward Monday, sending both the Nasdaq and the Internet Stock Index to record highs.
The Internet Stock Index broke the 300 barrier for the first time in its three-year history and the Nasdaq rose 51.89 to close at a record 2,138.02.
Some of the winners included America Online Inc. (NYSE: AOL), which rose 12-1/2 to 116-3/4 after it signed a multi-year bundling agreement with Dell Computer Corp. The deal will put AOL's new 4.0 access software on consumer computers sold in the United States and Canada.
Internet auctioneer Onsale, Inc. (Nasdaq: ONSL) jumped 24-5/16 to 68 after sealing a deal with Yahoo! to provide auction services for its small business Web site. Yahoo! jumped 34-15/16 to 247-1/4 after it announced it was launching a new shopping site.