Rebound in Internet stocks pushes Nasdaq higher
Reuters Story - June 09, 1998 16:58
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NEW YORK, June 9 (Reuters) - Nasdaq stocks pulled higher
Tuesday as deals by America Online and CNET Inc fired up a
cyberspace recovery that sent Internet stocks soaring.
"There was a good bounce in most of the tech stocks. The
Internet stocks were up, but so were the Intels and the
Microsofts of the world," one trader said.
The Nasdaq composite closed up unofficially 12.99, or 0.73
percent, at 1,800.76. Decliners led advancers 2,294 to 2,073.
CNET Inc rose 12-1/8, or nearly 37 percent, to
45-1/8 after NBC agreed to buy a stake in it and its
Snap! Internet service.
Other Internet stocks also surged. Yahoo! Inc.
barreled ahead 8-1/2 points to 117-7/8, Amazom.com
gained 5 to 51-1/4, Infoseek Corp jumped 4 to 27-1/4,
and Lycos rose 3-5/16 to 53-9/16.
AOL , which entered a deal with Compaq Computer Corp
to be featured on a range of personal computers, gained
3-12/16 to 88-9/16.
Bellweather Intel rose 14/16 to 70-3/16, and
Ascend Communications advanced 2 to 49 in active
trading. |
