Investors breathed a collective sigh of relief on Friday as the Nasdaq gained nearly 4.2 percent, rising more than 155 points for its best one-day point gain ever. The rise capped off a wild week in which the Nasdaq fell nearly 10 percent combined on Tuesday, Wednesday and Thursday. It looks like investors might have just suffered through a three-day correction, and things are looking up now.
Friday’s big winners included many of the notable Internet stocks that had been beaten down earlier in the week. Shares of Amazon.com (Nasdaq: AMZN), for example, climbed 4 to 69-9/16 after receiving a buy rating from U.S. Bancorp Piper Jaffray. Meanwhile, Yahoo! (Nasdaq: YHOO) soared 39-1/16 to 407-1/4, Doubleclick (Nasdaq: DCLK) thundered ahead 37-7/16 to 236-7/16 and CMGI (Nasdaq: CMGI) gained 24-3/4 to 275.
Among things to keep an eye on this week: Yahoo! is reporting its earnings on Tuesday, which could have a ripple effect throughout the Internet sector. Yahoo! is expected to have a strong quarter, but stocks like Yahoo! have been known to run up before their earnings and pull back a bit after they report. Shares of Yahoo! climbed 32-1/4 to 439-1/2 in early trading today.