THE DOW JONES Industrial Average closed up 184.91 points, or 1.75%, to 10767.42, adding to Monday’s 276.74-point rise as support was seen from solid earnings reports as well as tech stocks.
Published:
19 April 2000 y., Wednesday
The Nasdaq composite gained 254.41, or 7.19%, to 3793.57, topping the record point rise of 217.87, or 6.6%, posted Monday. Tuesday’s gain also marked the index’s second biggest in percentage terms.
Other major U.S. indexes also advanced. The Standard & Poor’s 500-stock index climbed 40.17, or 2.87%, to 1441.61 and the New York Stock Exchange Composite Index gained 14.60, or 2.35%, to 634.81. Market breadth improved as advancing issues outpaced decliners nearly 2-to-1 on the Big Board.
Analysts described the two-day rally as much-needed after the Nasdaq composite closed down every day last week and the Dow industrials declined for three straight days. But none were prepared to say that the market had found its footing and wouldn’t go on to test new lows.
The recovery followed a volatile week that saw some of the biggest point losses on record. The two-day rally wiped out nearly half of last week’s 1125 Nasdaq tumble. Nevertheless, the composite still remains down nearly 25% from its March 10 high — firmly in bear market territory — while the Dow industrials are down more than 8% from their Jan. 14 high.
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