NEW YORK (CNNfn) - Wall Street staged a remarkable recovery Monday, with all three main market indexes closing at record highs amid broad strength in blue chip issues and especially financial stocks.
The market started the day with a plunge, caused largely by a surprise profit warning Friday, by top computer maker Compaq. But by the end of the day, losses were limited to the technology sector and the rest of the market finished higher.
According to preliminary data, the Dow Jones industrial average rose 165.67 points, or 1.6 percent, to a record 10,339.51.
The broader S&P 500 index gained 10.29 to 1,358.64, also closing at an all-time high.
Even the Nasdaq Composite, home of many of Wall Street's premier technology stocks, which started the day with a nearly 2.5 percent plunge, recovered to close 5.76 points higher at a record 2,598.81.
The bond market rose, gaining strength first from the nervousness about stocks, and then from a positive inflation outlook ahead of Tuesday's consumer price index report. The bellwether 30-year Treasury bond rose 6/32 of a point in price, for a yield of 5.44 percent.
The dollar recovered some ground against the euro and the yen, lost amid expectations of a big stock market sell-off that never materialized.
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