After starting the session in negative territory, stocks were mounting a turnaround in mid-session Wednesday after word surfaced that Federal Reserve Chairman Alan Greenspan would not be discussing interest rates during a speech that started around noon.
Just before noon, internet.com’s Internet Stock Index was up 2.20, or .44 percent, to 502.23, the Nasdaq Composite had climbed 8.34 to 2,845.60 and the Dow Jones industrial average was up 36.09 to 11,070.22.
One of the strongest decliners was Priceline.com Inc. (PCLN), down 2-1/16 to 65-3/4. Shares were falling amid reports that Microsoft Corp. (MSFT) will soon announce its own “name-your-price” travel service.
A variety of deals and partnerships were in the news, including two from nationwide Internet providers. Shares of Concentric Network Corp. (CNCX) were up 7/16 to 23-3/16. The company Wednesday purchased UK Internet provider Internet Technology Group PLC for $215 million.
Mediconsult.com Inc. (MCNS) had jumped 1-3/16 to 9-7/16. The company, which provides health information on the Internet, late Tuesday purchased Physicians’ Online Inc. for $180 million in cash and stock.
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