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Bulls roar through Wall St.
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March 4, 1999: 4:12 p.m. ET
Strong gains in blue chip stocks, but Nasdaq advance limited by concerns
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NEW YORK (CNNfn) - Blue chip stocks powered ahead Thursday, flying high as financial and oil stocks climbed and IBM posted strong gains after signing a multibillion dollar deal with Dell.
But gains on the Nasdaq were kept in check by investors' lingering concerns over the near-term earnings growth outlook for the technology sector.
According to preliminary data, the Dow Jones industrial average ended the day with a gain of 191.52 points, or 2.06 percent, at 9,467.40. Advances led declines 1,711 to 1,190 as trading volume on the New York Stock Exchange reached 775 million shares.
The Nasdaq Composite closed 27.84 points, or 1.23 percent, higher at 2,293.04, once again showing signs of nervousness after a strong rally early in the day and a reversal of fortune in late trading. The S&P 500 index climbed 18.95 to 1,246.65, a gain of 1.54 percent.
The bond market faltered, closing narrowly mixed as investors anxiously awaited Friday's release of the February employment report -- data that could give the market a strong hint on whether the economy is overheating and inflation is becoming a threat. The bellwether 30-year Treasury bond rose 1/32 of a point in price, for a yield of 5.69 percent.
The dollar soared to a three-month high against the yen and a lifetime high against the euro. 
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