rose 39.6 points to yet another record high of 2,384, its seventh straight record close as technology stocks -- especially shares of Internet companies -- went on a rampage.
rose ahead of earnings reports Tuesday, as did
, which announced a 2-for-1 stock split.
"Today is solely Internet stocks. Nothing else is really happening," said
, chief investment officer for
, which manages $65 million in its tech funds.
Yahoo! rose 71 points, or 21%, ahead of its earnings on Tuesday and amid expectations that the portal powerhouse will announce a stock split after its earnings report. The only question that concerned traders and investors was about how big of a split Yahoo! was to offer -- with speculation that Yahoo! could offer a 5-for-1 split (a 2-for-1 split is viewed as too conservative). Yahoo!'s gain was impressive, but it still pales in comparison to the gain posted by
, which rose 44 points, or close to 68%. The move came after
Pacific Crest Securities
initiated coverage of the company with a strong buy rating and indicated that company shares were worth at least 125, according to a
report. An analyst said the company was one of the few Internet companies to show it can be profitable, according to the report.
The auction business appears to have a Midas influence.
, which operates cityauction.com, sent shares of Ticketmaster up 11 1/4 points, or 20%, to 67 1/2. The logic must be that Ticketmaster is a relatively inexpensive way to own an Internet auction site.