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
priced 6.25 million shares at $11 each with lead underwriter Goldman Sachs.
Shares rose 4-5/16 to 15-5/16. Snowball is a portal that targets “Generation
I” (13-30 yr olds), the Internet generation.
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.
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