Internets Stage Huge Rate Relief Rally

Shares of Internet leaders were soaring in midday trading Wednesday as investors were breathing a sigh of relief over the decision by the Federal Reserve to leave interest rates unchanged.

After the closing bell, all eyes will turn to Yahoo! Inc. (YHOO) which is set to report earnings later Wednesday.

Just before noon,’s Internet Stock Index had soared 20.85, or 3.87 percent, to 559.33, the Nasdaq Composite had jumped 47.44 to 2,847.11 and the Dow Jones industrial average had zoomed 92.45 to 10,493.04.

Yahoo! (YHOO) was up 2-3/16 to 175-1/2. Analysts expect the search leader to report a 9-cent profit later Wednesday.

All Internet leaders were in the black, including Corp. (AMZN) up 4-1/4 to 82-11/16, America Online Inc. (AOL) up 3-5/8 to 117-1/8, Ariba (ARBA) up 6-5/8 to 171-3/8, Broadcom Corp. (BRCM) up 6-1/16 to 126-5/8 and Doubleclick Inc. (DCLK) had climbed 6-1/8 to 129-11/16.

Other solid movers included eBay Inc. (EBAY) up 8-11/16 to 149-7/8, Etoys (ETYS) up 7-1/4 to 75-7/8, Go2Net (GNET) up 3-1/4 to 65-1/4, Infospace Corp. (INSP) up 2-3/8 to 42-7/8, Lycos Inc. (LCOS) rose 5-1/8 to 61-5/8 and (MPPP) rose 3-1/4 to 37-7/8.

Optimism over the interest rate move was also helping online brokers, sending Ameritrade Holding Corp. (AMTD) up 3/4 to 20-3/8 and E*Trade Group Inc. (EGRP) gained 1-3/8 to 26-5/16.

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