has been beaten up this week, in typical fashion it roared back today.
The Nasdaq closed up 114.71, or 2.6%, at 4572.60, ending the week down around 390 points.
TheStreet.com Internet Sector
index, or DOT, closed up 11.73, or 1.1%, at 1107.07, though it traded as low as 1044.36.
TheStreet.com New Tech 30 was down 2.39, or 0.3%, at 715.29.
A technician would tell you that the Nasdaq recovered after being able to hold above yesterday's low of 4355.69. It reached a low of 4381.38 around 11:15 a.m. EST, then began to climb higher around noon, ending in a flourish. And much of the early weakness in the sector was triggered by losses in the business-to-business sector following downgrades of three B2B stocks, which ended up dragging down other B2B plays.
to accumulate from strong buy on concerns of a deterioration in commanding transaction-based revenue sharing.
took an in-depth look at the downgrades in a recent
When the dust had settled Commerce One closed down 24 1/16, or 14%, at 149 1/4 after trading as low as 135 1/2. Ariba ended down 10 3/8, or 5%, at 209 5/8, though that was after it traded as low as 177 15/16. And i2 finished down 6 7/8, or 5%, at 122 1/8, recovering from a low of 98. Among other
closed down 17, or 19%, at 72 1/2;
dropped 18, or 21%, to 68; and
tumbled 14, or 10%, to 121.
The DOT was held back by a huge drop in
, which finished down 31, or 15%, at 176 on
news that Federal investigators are examining the online auctioneer's handling of possible illegal transactions, while a separate antitrust probe targets the company's efforts to license auction search engines. The auction house also received a subpoena from the
related to its
Butterfield & Butterfield
unit. Note, however, that the stock has run up sharply the past few weeks on rumors of a partnership with