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Markets & Stocks
Powerful rally on Wall St.
October 28, 1999: 4:12 p.m. ET

Broad-based gains fueled by tame inflation reports
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NEW YORK (CNNfn) - Benign inflation news ignited a strong rally on Wall Street Thursday. Financial shares were among the top gainers.
     According to preliminary data, the Dow Jones industrial average surged 229.23 points, or 2.21 percent, to close at 10,624.12. Gainers far outnumbered losers 2,185 to 907 as trading volume reached 1.1 billion shares, the third-heaviest day of the year.
     The Nasdaq composite jumped 72.73 points, or 2.60 percent, to 2,875.25, while the S&P 500 index soared 56.80, or 4.42 percent, to 1,342.27.
     The economic data also gave support to the bond market, which finished the day sharply higher. The benchmark 30-year Treasury bond rose 31/32 of a point in price, lowering its yield to 6.25 percent from 6.32 percent Wednesday.
     The dollar rose against the yen but was little changed against the euro. Back to top

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