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Stocks reverse losses
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May 5, 1999: 4:16 p.m. ET
Bargain hunters snap up slumping shares, leaving blue chips, techs higher
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NEW YORK (CNNfn) - Wall Street got an eleventh-hour reprieve Wednesday, as a late wave of bottom fishers descended on the previously slumping stock market to push stocks back into the black.
The Dow Jones industrial average reversed its mostly downward course, climbing 69.30 points to 10,955.41 according to preliminary data. Market breadth turned narrowly positive, with advances beating declines on the New York Stock Exchange by 1,549 to 1,432, while volume touched 895 million shares.
Having outpaced the Dow in defeat, the technology-heavy Nasdaq Composite outperformed its fellow blue-chip index in victory, climbing 48.66 points, or nearly 2 percent, to 2,533.78. The S&P 500 gained 15.24 to 1,347.24.
One reason for the stock market's turnaround was bonds, which drifted higher after a day spent twisting in the wind as traders were caught between encouraging news of lightening supply and distressing economic data. The bellwether 30-year Treasury bond edged up 4/32 of a point in price, pushing the yield down to 5.70 percent.
The dollar gave up ground, weakening slightly against the yen and retreating from a resurgent euro as the clouds of Balkan concerns and a perceived lack of official support for the European currency cleared. 
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