The stock market on April 17 recovered a portion of Friday's record losses, with the tech-heavy Nasdaq Composite Index rallying late in the day to close at 3,539, up 218 points, or 6.6%. The Dow Jones Industrial Average increased 277 points or 2.7% to close at 10,583. Select Internet stocks made strong advances, with CMGI jumping 24.9% to $65. But many Internet companies continued to lose ground. In the troubled e-tail sector, several e-grocers were hit; Webvan Group dropped 20.3% to $4.53 while HomeGrocer fell 20% to $4.75, both new lows. Among interactive shops, Modem Media was up 21.3% to $20.63. But many i-shops fell sharply: Agency.com dropped 17.9% to $14.94; Circle.com fell 13.4% to $3.03; Xceed declined 20.5% to $7.50. Among major agency concerns, Interpublic Group of Cos. fell 7.2% to $38; Omnicom Group increased 3.5% to $85; True North Communications fell 1.7% to $35.50; and WPP Group declined 2.5% to $67.25.
Copyright May 2000, Crain Communications Inc.