The major web browsers render pages as they receive data. Update: For instance, visit a fairly long listing of books at http://sailor.gutenberg.org/by-title.html Wait until something displays, and then immediately hit the STOP button. (A better example because it takes longer to download is the full text of Jane Austen's Pride and Prejudice.)
If you then scroll to the bottom of your page and you had hit STOP fast enough you will see that the displayed text breaks off abruptly. That is because the browser (IE5.5/Win98 in my case) rendered the page before it had finished downloading the page.
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