We hate to rain on anyone's parade, but there is an employment report coming out tomorrow. Perhaps it doesn't matter and money will continue to flow into technology stocks even if the jobs report increases fears of a Federal Reserve tightening.
Net stocks and the rest of the technology sector took off today after an overbought condition was somewhat alleviated over the past few sessions.
TheStreet.com Internet Sector
index closed up 51.91, or 5.6%, at 977.20, near its all-time high closing price of 985.61 from Nov. 26.
Gains were widespread.
was up for the second straight day since
Standard & Poor's
said the Web portal would be added to the S&P 500. It finished up 16 15/16, or 7.4%, at 245 13/16, topping its previous all-time high of 244 hit April 6. Yahoo! jumped on heavy volume around 2:45 EST, suggesting buying from funds that are benchmarking to the S&P.
bounced back from a couple of down days to close up 3 7/8, or 5.1%, at 80. AOL announced separate deals with
, a unit of
. Net2Phone closed up 9/16, or 1%, at 56, though it traded as high as 59 3/8. TMP Worldwide closed up 32 1/16, or 34%, at 127 1/16.
Other traditional Net stocks also shone.
closed up 6 1/8, or 10.5%, at 64 1/4 on news that it would provide Web content to wireless products from
closed up 4 7/16, or 7.3%, at 65 1/16 after
initiated coverage of the stock with a strong buy rating.
finished up 4 1/16, or 4.8%, at 89 1/16. A judge granted Amazon a preliminary injunction against
prohibiting it from using a version of Amazon's 1-click technology. 1-click allows online shoppers to purchase items just by clicking a button so shoppers do not have to fill out shipping and purchasing data. barnesandnoble.com ended down 3/8, or 1.9%, at 19.
Red Hots? En fuego.
closed up 27 5/8, or 10.1%, at 300. The company is expected to make a new-product announcement and announce a new customer on Dec. 7.
, which has all the characteristics of a Red Hot, closed up 17 1/8, or 14.7%, at 133 1/2 on no apparent news.
It also was a perfect day for an Internet stock to go public.
(MCAF:Nasdaq), which provides antivirus, Y2K compliance and security services for computers, ended up 32, or 267%, at 44.
(KNOT:Nasdaq), a Web site that helps with wedding preparations, closed up 5, or 50%, at 15 after trading as high as 21. And
(MTLK:Nasdaq), an Israeli company that makes digital subscriber line chip sets, closed up 11 13/16, or 98.4%, at 23 13/16.