of interest: 10:18 DJS Internet Brokers' Shares Rally; Report Suggests Strong Trading Gr
10:18 DJS Internet Brokers' Shares Rally; Report Suggests Strong Trading Growth
NEW YORK -(Dow Jones)- Online brokerage stocks gained Monday after a
report from Credit Suisse First Boston said stock trading over the internet
grew by about a third in the first quarter.
Shares of Charles Schwab Corp. (SCH), which captures the largest share
of online trading, rose $3.063, or 3%, to $97.313. E*Trade Group Inc. (EGRP)
rose $3.50, or 5.7%, to $64.375 while Ameritrade Holding Corp. (AMTD) jumped
$6.437, or 10%, to $69 in morning trading.
The report from CS First Boston estimated that on-line trading grew by
up to 35% in the quarter.
Despite well-publiczed technological glitches, shares of online brokers
have been soaring since last fall. Online-trading operations have been raking
in money as individual investors have embraced the technology that allows them
to place orders to buy and sell stocks without talking to a broker, in some
cases for as little as $5.
But almost every major Internet trading house has experienced Website
slowdowns or downright outages, especially during heavy trading periods. This
has raises questions about whether the industry can function efficiently when
investors need it the most.
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(:AMTD) (:EGRP) (:SCH)
04/05 10:18a CDT |
