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Dow surges to record high
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March 5, 1999: 4:13 p.m. ET
Powerful rally lifts stocks as investors celebrate strong economy, no inflation
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NEW YORK (CNNfn) - Excited that the U.S. economy is churning out jobs but generating no inflation, investors stampeded into the stock market Friday, driving the Dow industrials to a record close and giving the broader market soaring gains.
According to preliminary data, the Dow Jones industrial average soared 268.68 points to 9,736.08, a gain of 2.84 percent, on top of a more than 2 percent increase Thursday, and a record high close, eclipsing the Dow's previous record of 9,643.32, set on Jan. 8.
The Nasdaq Composite rallied 44.13 points, or 1.92 percent, to close at 2,337.02. The S&P 500 index climbed 28.81 points, or 2.31 percent, to 1,275.45.
The bond market soared as relieved investors bought Treasurys after learning that despite its strong jobs creation, the economy is generating little inflationary pressure. The benchmark 30-year Treasury bond climbed 1-1/2 points in price, lowering the yield to 5.59 percent.
The dollar eased from Thursday's levels against the yen and the euro after the jobs data sank speculation that interest rates could rise. 
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