A lower-than-expected rise in prices paid to producers, farmers and
factories in July sent stocks soaring Friday.
The Labor Department reported the producer price index rose 0.2 percent
last month, up from a 0.1 percent decline in June. The PPI core rate, which
excludes volatile food and energy sectors, was unchanged after a 0.2
percent decline in June. That led stocks to surge as analysts were
expecting larger increases.
internet.com’s Internet Stock Index soared 20.23, or 4.70 percent, to
450.90, the Nasdaq Composite was up 88.33 to 2,637.82 and the Dow Jones
industrial average vaulted 184.26 to 10,973.65.
Among the Internet stocks trading higher on the news was America Online Inc. (AOL)
up 4-1/16 to 96-13/16, Amazon.com Inc.
climbed 5-11/16 to 97-7/16, CMGI
up 4-9/16 to 81-1/2 and Yahoo! Inc.
moved up 4-7/16 to 132-13/16.
Other climbers included eBay Inc. (EBAY)
gaining 6-5/8 to 98, Exodus
Communications Inc. (EXDS)
jumping 6-3/16 to 67-1/4, Juniper
Networks Inc. (JNPR)
added 16-3/4 to 213-3/4 and Real
Networks Inc. (RNWK)
was up 4-7/8 to 75-1/4.
Online brokers were also stronger. Ameritrade Holding Corp. (AMTD)
was up 1-1/4 to 23-3/4, E*Trade Group
up 1-3/4 to 26-1/8, National Discount
Brokers Group Inc. (NDB)
had gained 2-5/16 to 34-1/4 and Southwest Securities Group Inc., (SWS) parent of Mydiscountbroker.com, had added 1-1/2 to 33-7/16.
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