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Rate Hopes, Foreign Markets Propel Dow to 257-Point Gain.
Knight Ridder/Tribune Business News, September, 1998 by Dworkin, Andy
Knight Ridder/Tribune Business News
Sep. 24--U.S. stock prices took a double jump upward Wednesday as investors first took heart in the performance of foreign markets, then in the hints from Federal Reserve Chairman Alan Greenspan that lower interest rates may be coming.
Spurred by overnight gains of about 1.5 percent in Asian markets, and even higher morning increases in Europe, the Dow Jones industrial average started the day with a 100-point rise in the first 30 minutes of trading. Much of that strength even in foreign markets was in anticipation of Mr. Greenspan's scheduled testimony before the U.S. Senate, analysts said.
Shortly after that speech began, around 2 p.m. Dallas time, the Dow took off like a bottle rocket, closing the day...
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