After posting several big declines over the past few days, Internet shares rebounded Tuesday to add stability to the often volatile sector.
Just before midday, internet.com’s Internet Stock Index was up 12.84, or 3.07 percent, to 431.57, the Nasdaq Composite had gained 23.25 to 2,421.66 and the Dow Jones industrial average added 89.60 to 10,652.93.
All the sector’s leaders had posted strong gains with Yahoo! Inc. (YHOO) up 6-5/8 to 125-7/8 and America Online Inc. (AOL) up 4-5/16 to 94-3/16.
On Tuesday, Federal Communications Commission Chairman William Kennard said his agency might appeal the Portland, Ore., federal court ruling that could force AT&T’s cable unit to open its infrastructure to competing Internet providers.
Investors were even being kind to eBay Inc. (EBAY), which was up 2-1/4 to 138-1/4 after Monday’s dramatic 18 percent decline. Online ad firm DoubleClick Inc. (DCLK) was up 3-5/8 to 74-3/8 after dropping more than 18 on Monday.
Shares of Xoom.com Inc. (XMCM) were up 7/8 to 44-1/2. NBC Tuesday announced plans to invest an additional $25 million in the online community.
Inktomi Corp. (INKT) was up 3-1/2 to 88-1/4 after announcing a new directory engine that it said would provide more accurate Internet searches.
On Wednesday, Wall Street’s attention will turn to the Consumer Price Index report as many feel the Federal Reserve will use that data in its decision on interest rates.
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