Market Is Music to Investors Ears

After a slow start, the market rebounded Wednesday to close at record highs, due in part to movement by Internet stocks with a music focus.

While’s Internet Stock Index ended the day down 9.44, or 1.65 percent at 561.58, the Nasdaq Composite closed up 6.29 at 2743.07, and the Dow Jones industrial average climbed 52.24 to close at 11187.36, both new records.

Internet IPO (HITS) faired well on its first day of trading. The music retail site set its price at $14 and climbed to 28 1/8 before closing at 24. Its competition expanded Wednesday to include online book store (BNBN), which earlier in the day opened a music store on its site. That news barely made a ripple in its stock, which closed up 7/16 at 17 11/16.

The news did affect (AMZN), though, which fell 5 to close at 121 7/8. CDNOW (CDNW), another competitor, closed up 11/16 at 17 3/4.

Net stocks overall were down because of hesitant anticipation of Yahoo Inc.’s earning report, set to be released after the closing bell.

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