A lower-than-expected rise in prices paid to producers, farmers and
factories in July sent stocks soaring Friday.
The Labor Department reported the producer price index rose 0.2 percent
last month, up from a 0.1 percent decline in June. The PPI core rate, which
excludes volatile food and energy sectors, was unchanged after a 0.2
percent decline in June. That led stocks to surge as analysts were
expecting larger increases.
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internet.com's Internet Stock Index soared 20.23, or 4.70 percent, to
450.90, the Nasdaq Composite was up 88.33 to 2,637.82 and the Dow Jones
industrial average vaulted 184.26 to 10,973.65.
Among the Internet stocks trading higher on the news was America Online Inc. (AOL)
up 4-1/16 to 96-13/16, Amazon.com Inc.
(AMZN)
climbed 5-11/16 to 97-7/16, CMGI
Inc. (CMGI)
up 4-9/16 to 81-1/2 and Yahoo! Inc.
(YHOO)
moved up 4-7/16 to 132-13/16.
Other climbers included eBay Inc. (EBAY)
gaining 6-5/8 to 98, Exodus
Communications Inc. (EXDS)
jumping 6-3/16 to 67-1/4, Juniper
Networks Inc. (JNPR)
added 16-3/4 to 213-3/4 and Real
Networks Inc. (RNWK)
was up 4-7/8 to 75-1/4.
Intuit Inc. (INTU)
climbed 5-7/16 to 81-5/16. The financial software company Friday
acquired SecureTax.com, a provider
of Web-based tax services. Terms of the deal were not disclosed.
Online brokers were also stronger. Ameritrade Holding Corp. (AMTD)
was up 1-1/4 to 23-3/4, E*Trade Group
Inc. (EGRP)
up 1-3/4 to 26-1/8, National Discount
Brokers Group Inc. (NDB)
had gained 2-5/16 to 34-1/4 and Southwest Securities Group Inc., (SWS) parent of Mydiscountbroker.com, had added 1-1/2 to 33-7/16.
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Linux software maker Red Hat Inc. (RHAT)
continued its strong climb. Shares had gained 12-5/8 to 85-1/4 in
their third day of trading.
Today saw a huge performance from another IPO.
Quest Software (QSFT)
soared 33 to 47. The company develops software solutions that link
commerce sites with legacy information systems.
Active Software (ASWX)
had its IPO today. The stock rose 3 to 14. The company develops
software for e-business.
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Internets Benefit From Positive Economic News