|
'Net stocks dazzle investors
|
 |
December 28, 1998: 5:11 p.m. ET
Nasdaq Composite hits a new record as Wall Street starts week with gains
|
NEW YORK (CNNfn) - The Nasdaq Composite set a new record on Monday as investors kept their eyes on Internet stocks amid signs that online retailing is skyrocketing.
The Dow Jones industrial average closed up 8.76 at 9,226.75. Declines led advances 1,711 to 1,357 on a trading volume of 532 million shares on the New York Stock Exchange.
The Nasdaq composite gained 17.27 to 2,180.30, edging above its record close of 2,172.57 set last Wednesday. But the S&P 500 index couldn't climb out of the red and closed down 0.78 to 1,225.49.
Overseas, Asia markets fell in thin trading as investors seemed to wait for the start of the new year. Most European bourses ended higher without any big news, while London was closed for the Boxing Day holiday.
Bonds rose as investors regained some ground after last week's steep losses. The 30-year bond was up 31/32 of a point in price for a yield of 5.15 percent.
The dollar was soft against the German mark and the Japanese yen, as investors took a holiday break and prepared for the new European currency, the euro. The dollar fetched 1.67 marks and 116.05 yen.
In the background for all markets were the reports that U.S. fighters returned fire against Iraqi ground-to-air missiles in the most serious exchange since the end of Operation Desert Fox on Dec. 20.
Internet stocks are hot
Internet stocks roared to life on Monday after reports of stellar online holiday sales.
Among the biggest winners, shares of Skymall Inc. (SKYM) soared 183 percent after reporting its 1998 sales rose about 600 percent. The stock was up 23 at 35-9/16 and was the most heavily traded on the Nasdaq.
Internet bookseller Amazon.com (AMZN) added 27-1/8 to 351-15/16, while Internet search engine Yahoo (YHOO) edged up 28-3/8, or about 11 percent, to 275-1/2. America Online (AOL) rose 20-3/8, or nearly 15 percent, to 157.
Egghead.com (EGGS), a reseller of PC products, jumped 1-3/4 to 25-1/2, while eBay (EBAY), which operates an online trading community, went against the tide and fell 3/8 to 285-5/8.
Online trading giant E*Trade (EGRP) soared 11-3/4, or about 26 percent, to 56-3/4 after reporting that its Web site had added 500,000 members since its September launch. Rival Charles Schwab (SCH) gained 3-1/4 to 63-5/8.
Likewise, big technology names started the week on a positive note, with Microsoft (MSFT) up 5/8 at 142-3/8 and Dell Computer (DELL) 3/16 higher at 74-3/4.
Not all parts of the market were so fortunate, however.
Battered oil stocks were mixed amid the uncertainty in the Persian Gulf. Chevron (CHV) was up 5/8 to 85-5/16, while Mobil Corp. (MOB) fell 11/16 to 88-1/16, and Exxon (XON) gave up 1/8 to 74-1/2.
Intel Corp. (INTC) bucked the Nasdaq winning trend and lost 2-7/8 to 122-1/8.
Banking stocks also felt a pinch. JP Morgan (JPM) fell 3/16 to 104-13/16, American Express (AXP) lost 1-7/16 to 101-15/16 and Citigroup (C) shed 9/16 to 51-1/16.
(Click here for a look at today's CNNfn market movers).
-- by staff writer Martine Costello
|
|
|
|
|
 |
|
