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Markets & Stocks
Dow gets a new record
August 23, 1999: 4:15 p.m. ET

Convinced Fed will hike rates Tuesday and then stop, investors rally stocks
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NEW YORK (CNNfn) - U.S. stock markets made strong advances Monday, with the Dow industrials climbing to a record high as investors showed their acceptance of a likely interest rate increase by the Federal Reserve Tuesday and bet the hike would be the last one for the year.
     According to preliminary data, the Dow Jones industrial average gained 199.15 points, or 1.79 percent, to close at an all-time high of 11,299.76. Market breadth on the New York Stock Exchange remained positive throughout the day, with advances beating declines 1,715 to 1,257 as 680 million shares changed hands.
     The Nasdaq Composite rallied 71.37 points, or 2.69 percent, to 2,719.70 and the S&P 500 index rose 23.63, or 1.77 percent, to 1,360.24.
     The bond market spent the day limited in a narrow trading range. The benchmark 30-year Treasury bond rose 2/32 of a point in price, leaving the yield unchanged from Friday's 5.98 percent.
     The dollar gained against the euro and rose slightly against the yen. Back to top

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