Persistant inflation fears kept Internet stocks in the negative column for another day Monday, although shares pared some of their losses just before the closing bell. Solid earnings reports made it a different story for blue chips, which gained almost 100 points.
internet.com’s Internet Stock Index closed off 10.16, or 1.93 percent, to 515.99 and the Nasdaq Composite fell 42.68 to 2,689.15 while the Dow Jones industrial average erased gains of almost 20 at midday to finish up 96.57 to 10,116.28
Most of the Internet leaders ended lower, including eBay Inc. (EBAY) off 4-5/8 to 129-1/2 after hitting 124-1/2 earlier in the day. The company Monday officially launched new sites in Australia and New Zealand.
Other losers included Amazon.com Corp. (AMZN) off 1 to 74-1/16, Broadvision Inc. (BVSN) lost 9-5/8 to 152-3/8, Broadcom Corp. (BRCM) fell 6-7/16 to 112-3/16, eToys Inc. (ETYS) closed down 7-1/16 to 63-1/2, Network Solutions Inc. (NSOL) dropped 6-9/16 to 85-9/16, Priceline.com Inc. (PCLN) closed off 3-3/16 to 64-3/8 and 24/7 Media Inc. (TFSM) dropped 4-13/16 to 35-13/16.
In the e-finance sector, E*Trade Group Inc. (EGRP) fell 1-3/4 to 23-5/16.The company Monday formed a joint venture with two German firms to target that European market. Ameritrade Holding Corp. (AMTD) closed off 9/16 to 16-3/4. The company announced plans to begin offering its investors access to initial public offerings.
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