Internet stocks rode a wave of momentum that provided solid gains for the sector and the tech-laden
Nasdaq Composite Index
, which ended the day up 137 points, or 3.4%, at 4210.
Strength in a broad sampling of Net stocks pushed
Nasdaq Powers Past Record High Amid Bond Market Lull; Tesla Extends Gains
With investors content to buy into Fed Chairman Jerome Powell's inflation optimism, bond markets are holding steady and stocks are looking to test fresh record highs.
TheStreet.com Internet Sector
to a strong finish as well, as the DOT closed the day up 62.4, or 5.6%, to 1171.9 -- not too shabby when compared with the index's record high of 1218.5. Bellwether
made a noticeable splash in the DOT with a leap of 32 3/16, or 10%, to 360 1/4.
Check Point Software Technologies
also turned in a strong performance, ringing up a gain of 14 3/4, or 11%, to a record 146 1/2.
could rightly claim a good deal of credit for the upswing. The online bookseller threw investors a bone in the form of a promise it will curb some of the red ink in future quarters as its mammoth expansion begins to pay off. This focus-on-the-positive strategy was eagerly embraced by investors and analysts, who don't seem to require a time frame for the "someday coming" profit. Shares of Amazon climbed steadily throughout the day and ended up 14 3/4, or 21%, at 84 3/16.
analyst Henry Blodget put a price target of 100 on the stock, while
Banc of America Securities
topped that with a target of 130.
TheStreet.com E-Finance Index
showed a little green shine as well, moving up 2 11/32, or 3.4%, to 70 27/32. Among the gainers were
, which popped 1, or 10%, to 22, and
, which gained 5/8 to 16 5/8.
sparked equal measures of applause and disappointment, with Andover popping 9 1/8, or 25%, to 45 1/8 and VA Linux dropping 8 7/8, or 7%, to 128.