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Dow solves 10K problem
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March 29, 1999: 4:11 p.m. ET
Wall Street fights with milestone, but finally ends above elusive Dow 10,000
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NEW YORK (CNNfn) - The Dow industrials closed in five-digit territory for the first time ever Monday, buoyed by money flooding back onto Wall Street as investors came back from the weekend break with confidence refreshed.
The day's push past 10,000 began with talk of a massive merger in the oil sector that lured investors from the sidelines with fresh speculation of more billion-dollar buyouts ahead. Renewed enthusiasm over the recently gloomy technology sector also fed into the record-breaking rally.
According to preliminary data, the Dow Jones industrial average gained 184.54 points, 1.9 percent, to end at a new closing high of 10,006.78.
Market breadth remained positive throughout the session, with advances outnumbering declines on the New York Stock Exchange by 1,802 to 1,151. Trading volume thinned somewhat in late trading, but remained healthy at 740 million shares.
The Nasdaq Composite climbed even higher on a net basis, soaring 72.78 points, more than 3 percent, to end at 2,491.95, while the S&P 500 index surged 27.25, more than 2 percent, to 1,310.05.
Bonds retreated as stocks advanced, falling in thin trading ahead of Tuesday's interest rate-setting meeting of the Federal Open Market Committee. The benchmark 30-year Treasury bond fell 22/32 of a point in price, driving the yield up to 5.64 percent, a three-week high.
The dollar remained strong throughout the day as global investors continued to buy into safety as a hedge against uncertainty in the Balkans. The greenback remained near three-week highs against the yen and kept the euro near its lifetime lows. 
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