U.S. stocks gain ground - Sep. 30, 1999

Markets & Stocks

U.S. stocks gain ground

September 30, 1999: 4:12 p.m. ET

Quarter-end buying, bargain hunting and strong bonds help Wall Street

NEW YORK (CNNfn) - U.S. stock markets posted solid gains Thursday, helped by a bit of quarter-end portfolio dressing, outright bargain hunting and economic data that were mostly market-friendly.
     According to preliminary data, the Dow Jones industrial average climbed 123.47 points, or 1.2 percent, to 10,336.95. Market breadth on the New York Stock Exchange was positive throughout the day, with gainers leading losers 1,897 to 1,180 on heavy trading volume of 1.01 billion shares.
     The Nasdaq Composite rose 15.97 points to 2,746.24 and the S&P 500 index advanced 14.29, or 1.1 percent, to 1,282.66.
     Part of the stock market's gains were supported by a similar rally in bonds, where the benchmark 30-year Treasury bond gained 1 point in price, lowering the yield to 6.05 percent from Wednesday's 6.12 percent.
     The dollar retreated against the yen overnight for the first time this week. But a nuclear accident in Japan halted the yen's advance and helped boost the greenback in U.S. trading. The dollar eased slightly against the euro.

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