Historic Stock Market Rally

Strategic Insights -

The New York Stock Exchange experienced a historic rally on January 6, with the Dow Jones industrial average closing above the 9,500 level for the first time in history. The Dow Jones rose 233.78 points to close at 9,544.97, with heavy buying by fund managers and investor enthusiasm for Internet and other high-technology issues fueling the rally.

Key Takeaways:

  • The Dow Jones industrial average closed above 9,500 for the first time in history, gaining 233.78 points to 9,544.97.
  • The New York Stock Exchange composite index rose 11.10 points to 611.01, and Standard & Poor's 500-stock index gained 27.58 to 1,272.36, a new closing high.
  • The Nasdaq composite index surged 69.38 points to 2,320.65, a new record closing high, and the Amex composite index gained 9.26 to 701.47.
  • Among the most active stocks, Citigroup rose 3 3/8 to 54 5/8, Compaq Computer rose 1/2 to 44 1/2, and America Online rose 1 1/2 to 148 1/2.
  • However, Tenneco and Northrop Grumman closed down after both companies warned investors and Wall Street over future profits.
  • Bond prices closed higher, with the 30-year bond rising 15/32 to 101 3/32.

Statistics:

  • Dow Jones industrial average: 9,544.97
  • Gain: 233.78 points
  • Volume: 986,220,992
  • Advances: 1,982
  • Declines: 1,116
  • Stocks unchanged: 449
  • New York Stock Exchange composite index: 611.01
  • Standard & Poor's 500-stock index: 1,272.36
  • Nasdaq composite index: 2,320.65
  • Bond prices:

+ 30-year bond: 101 3/32

+ 10-year note: 100 6/32

+ 2-year note: 100

Sources:

  • UPI News: "Stock prices close in record territory"
  • COMTEX: "Stock market news and analysis"