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After the frenzied activity of online shares, the Dow Jones has created a separate index to track US Internet-related stocks. Dow Jones & Co yesterday launched the Dow Jones Internet Index -- DJII to its friends -- which aims to represent around 80 per cent of the total Internet stock market capitalisation. At the moment, only about 40 companies can make the grade, according to the Dow Jones. The entrance rules are strict. To become part of this elite club companies must make at least half their turnover from the Internet, have been public for a minimum of three months, have had a three-month average market capitalisation of at least $100 million, have an average closing price over $10 and have enough volume to pass liquidity tests. The stocks will be reviewed quarterly. The DJII will have two sub-indices, dealing with Internet commerce stocks and Internet services. The company Web site today stated: "Rather than assembling a grab-bag of stocks that have some connection with the Internet, no matter how little or how vague, Dow Jones has built an equity benchmark index of companies that generate the majority of their revenues from the Internet." There are currently 15 stocks in the Commerce index, from Amazon.com to Yahoo!, and 25 in Services, including AOL and PSINet. ®

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