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Powerful surge on Wall St.
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February 22, 1999: 4:10 p.m. ET
Stocks climb, led by blue chips; techs recover; mergers help the rally
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NEW YORK (CNNfn) - Wall Street staged a strong rally Monday as investors returned from the weekend with a fresh appetite for blue chip stocks. A rebound in the technology sector and robust merger activity helped underpin the stock market's advances.
According to preliminary data, the Dow Jones industrial average roared 212.73 points ahead to 9,552.68, a gain of 2.28 percent. Gainers beat losers 1,967 to 1,039 as 719 million shares changed hands on the New York Stock Exchange.
The Nasdaq Composite rallied 58.81 points, or 2.58 percent, to 2,342.41. The S&P 500 index gained 33.002, or 2.66 percent, to 1,272.21.
Bonds rose, helped by a stronger dollar and expectations that Tuesday's Humphrey-Hawkins testimony on the economy by Federal Reserve Chairman Alan Greenspan will be market friendly. The benchmark 30-year Treasury bond rose 14/32 of a point for a yield of 5.35 percent.
The dollar eased from its overnight highs against the yen and the euro, but remained strong as investors interpreted a weekend G7 meeting to have given them a green light to buy greenbacks. 
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