Internet and technology shares were slumping in midday trading Monday as investors were taking a new look at recently-battered blue chip stocks.
At 11:45 a.m. Eastern, internet.com’s Internet Stock Index had fallen 29.09, or 3 percent, to 946.54, the Nasdaq Composite had lost 109.45 to 4,481.05 and the Dow Jones industrial average had jumped 104.86 to 9,966.98.
America Online Inc. (AOL) was up 7/8 to 60-1/2. The online giant Monday announced a number of strategic agreements with wireless players to deliver its content to a variety of Internet-ready devices including cellular phones.
Online brokers were getting a small boost from positive comments issued Monday by Chase Hambrecht & Quist. E*Trade Group Inc. (EGRP) was up 7/8 to 23-1/8. The brokerage said E*Trade’s rapid account growth is propelling it to one of its best quarters ever. Chase set a $40 price target.
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