Dow Skyrockets Record 69.89 : Bond Market Rally Sends Stocks Into Upward Frenzy
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NEW YORK — Wall Street stocks soared to record heights today as rising bond prices sparked a stock rally and the Dow Jones industrial average skyrocketed a record 69.89 points.
The Dow Jones average ended at 2,390.34, surpassing the record close of 2,372.59 of a week ago last Thursday and topping the 54.14-point gain of Feb. 17 as the biggest one-day point rise on record.
The big rally comes after the market went through a series of sharp one-day selloffs over the past week that brought it down nearly 100 points and led some analysts to predict a major correction of the 1987 bull market rally.
But a smaller-than-expected rise in March non-farm payroll increase triggered a chain reaction in the financial markets early today, first igniting a rally in bonds, which benefit from weaker economic activity, and then spilling buying into stocks.
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