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Wall Street gets 'Net boost
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December 28, 1998: 10:29 a.m. ET
Healthy online holiday sales start U.S. stocks on a positive note Monday
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NEW YORK (CNNfn) - Robust online holiday sales helped jump-start U.S. stocks in early trading Monday, sending the three market indicators modestly higher.
Shortly before 10 a.m., the Dow Jones industrial average was up 26.26 at 9,244.25. Declines edged ahead of advances 1,186 to 1,115 in light trading volume of 69 million shares on the New York Stock Exchange.
The Nasdaq Composite gained 19.61 to 2,182.64, while the benchmark S&P 500 index added 3.46 to 1,229.73.
Overseas, Asia markets fell in thin trading as investors seemed to wait for the start of the new year. Most European bourses headed higher without any big news, while London was closed for the Boxing Day holiday.
Bonds inched up as investors regained some ground after last week's steep losses. The 30-year bond was up 19/32 of a point in price for a yield of 5.17 percent.
The dollar remained quiet against the German mark and the Japanese yen, as investors took a holiday break and prepared for the new European currency. The greenback slipped to 1.68 marks and rose to 116.02 yen.
Meanwhile, the United States confirmed that Iraq had taken "aggressive" military action against U.S. forces in the gulf.
Internet stocks are hot
Internet stocks jumped on Monday after online holiday sales tripled.
Internet bookseller Amazon.com (AMZN) added 16-1/8 to 340-15/16, while Internet search engine Yahoo (YHOO) edged up 20-15/16 to 268-1/16. America Online (AOL) rose 6-7/16 to 143-1/16.
Online trading giant E*Trade (EGRP) also got a boost and soared 12-3/8, or 27.50 percent, to 57-3/8. Rival Charles Schwab (SCH) gained 2-3/4 to 63-1/8.
Likewise, big technology names started the week on a positive note, with Microsoft (MSFT) up 1-1/4 at 143 and Dell Computer (DELL) 7/8 higher at 75-7/16.
Not all parts of the market were so fortunate, however.
Battered-down oil stocks seemed to react to the uncertainty in the gulf by losing some ground. Chevron (CHV) fell 13/16 to 83-7/8, while Mobil Corp. (MOB) fell 1/4 to 88-1/2.
Dow member IBM (IBM) shed 1/8 to 187-13/16, while Intel Corp. (INTC) lost 3/16 to 124-13/16.
Some big banking stocks also danced in and out of negative territory. JP Morgan (JPM) rose 1-1/2 to 106-1/2, while American Express (AXP) lost 1/2 to 102-7/8.
-- by staff writer Martine Costello
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