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Markets & Stocks
Pre-weekend rally for stocks
August 20, 1999: 4:15 p.m. ET

'Double witching' and bargain hunters lift the market ahead of Fed week
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NEW YORK (CNNfn) - U.S. stock markets ended their week with a rally, helped by bargain hunting and a bit of "double witching" - the simultaneous expiration of stock options and futures.
     The market appeared to put its own Federal Reserve related anxiety behind for a day, as many investors appeared to have accepted the idea of a possible rate increase when the central bank holds its policy meeting next week.
     According to preliminary data, the Dow Jones industrial average closed with a gain of 136.77 points, or 1.25 percent, to 11,100.61. On the New York Stock Exchange, market breadth was positive with advances ahead of declines by 1,715 to 1,206 as 663 million shares changed hands.
     The Nasdaq Composite rose 26.87, or 1 percent, to 2,648.30 and the S&P 500 index advanced 13.02 to 1,336.61.
     The bond market also posted gains, with the bellwether 30-year Treasury bond rising 22/32 of a point in price, lowering the yield to 5.98 percent from Thursday's 6.03 percent.
     The dollar fell against both the yen and the euro. Back to top

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