Industrials Gain 169.55; Bonds Drop --- Signs of Improvement In Global Economy Help to Bolster Stocks

• Published in: The Wall Street journal. Eastern edition
• Main Author: By E.S. Browning Staff Reporter of the Wall Street Journal
• Format: Newspaper Article
• Language: English
• Published: New York, N.Y Dow Jones & Company Inc 26.03.1999
• Edition: Eastern edition
• Subjects: American dollar; Central banks; Daily markets (wsj); Dow Jones averages; Global economy; Interest rates; Investments; Stock exchanges; Stock prices; Technology stocks
• ISSN: 0099-9660

Hopes that U.S. multinationals will benefit from economic gains in Asia and Brazil and that U.S. earnings will surpass projections, investors drove the Dow Jones Industrial Average up 169.55 points, or 1.75%, to 9836.39. The blue chips recouped a big part of Tuesday's 218.68-point loss, and now are up 7.13% on the year. A gain of just 163.61 points, or 1.66%, would put the Dow industrials at 10000. Rebounding technology stocks such as Microsoft and Cisco Systems again led the charge. The tech-heavy Nasdaq Composite Index rose 69.52 points, or 2.94%, to 2434.80. After Wednesday's gain of 42.44 points, the Nasdaq Composite now has more than recouped Tuesday's 73.10-point decline. It is up 11.04% on the year and stands 75.29 points, or 3.09%, short of its Feb. 1 record of 2510.09. Traders pointed to comments from Caterpillar's new chairman, Glen Barton, that he sees "early signs" of an economic recovery in Asia and expects the company's earnings to improve in the second half. They noted that Merrill Lynch, citing Brazil's interest-rate cut as a sign of confidence in the economy, raised its rating of Brazilian stocks.