A strong payroll figure and Lucent's (LU) earnings warning weren't enough to dissuade investors from getting back into the Internet sector.
TheStreet.com Internet Sector
index was up 38.93, or 3.8%, at 1065.33 in recent trading. The DOT dipped on the opening to 1023.26, but never fell below yesterday's low of 1022.55. Investors may have seen Thursday's sharp drop as a good entry point ahead of what should be a positive earnings season, kicking off Tuesday with
. And while the headline payroll number in the employment report was large, other components didn't stir up fears that the
would need to raise interest rates aggressively. As we
mentioned before, traders may have been waiting for the employment report to get out of the way before putting money back to work.
Many of the sector favorites were rebounding after dropping big over the past few sessions. Yahoo! was up 18 1/16, or 4.9%, at 386.
, which has seen heavy profit-taking lately, was up 16 7/16, or 6.6%, at 266 7/16.
Internet Capital Group
was up 11 1/4, or 7.5%, at 166 1/4, while
was up 17 1/2, or 9%, at 216 1/2. Many stocks in
TheStreet.com New Tech 30 index were also screaming ahead.
Among stocks in the news,
was up 9 13/16, or 9%, at 123 on news that it had entered into a pact with
Universal Music Group
The Wall Street Journal
reported. The agreement will allow digital music from Universal's catalog to be sold and played on RealNetworks' RealJukebox software. Universal also will distribute RealJukebox.
said it was joining with Silicon Valley-based venture capital firm
, a Palo Alto, Calif.-based, independent concern that they intend to take public. Wal-Mart was up 1 3/8, or 2%, at 65 1/16.
was up 4 7/16, or 7%, at 70, recovering from recent weakness after announcing its fourth-quarter sales were strong, though without an improvement in the bottom line.