Unable to do much with some data that should help keep the Federal Reserve from raising interest rates later this month, technology stocks spent much of the day in negative territory, extending losses into the close.
ended the day down 53.65, or 1.4%, at 3797.41.
TheStreet.com Internet Sector
index finished the day down 14.95, or 1.6%, at 898.68. There was little excitement when today's
Consumer Price Index
report came in around expectations, though tame numbers continue to suggest that inflation is not a concern. But the market may already have been under the assumption that the
will not need to raise interest rates when it meets later this month, and celebrated that yesterday when it rallied following a soft
report. The Nasdaq also continues to see technical resistance around the 3900 area, trading as high as 3883.34 today.
Among stocks in the news,
ended the day down 5 1/4, or 7.7%, at 62 3/4 after the online auctioneer announced that it had purchased
, which creates a marketplace for used books, CDs, movies and video games at prices at least half retail. eBay said it estimates it will issue between 4.6 million and 5.5 million shares to Half.com's owners, valuing the company at between $312.8 million and $374 million.
Though analysts praised the acquisition, they also lowered earnings
estimates for eBay to account for the acquisition, which ended up hurting the stock.
venture capital firm owns 25% of Half.com, closed down 5/8, or 1.1%, at 56 after trading as high as 61. The small loss may have been a disappointment considering CMGI bested quarterly estimates by 30 cents when it reported a loss of $1.53 for its third quarter yesterday.
Among the day's other movers,
closed down 1 15/16, or 9.5%, at 18 1/2;
finished down 4 11/16, or 8.5%, at 50 5/16;
slipped 2 9/16, or 5.2%, at 46 7/16; and
dropped 3 5/8, or 11.8%, to 27 1/8, as business-to-business stocks had a rough go.
A couple of stocks saw some profit-taking after running up recently.
, which gained 14% yesterday, closed down 10 5/16, or 8.3%, at 113 1/2. And
, which was one of the hottest Net stocks last week, closed down 10 3/8, or 4.4%, at 226 5/8.