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Dow Rockets Almost 500 Points in Record Day.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, March, 2000 by Buggs, Shannon
Mar. 17--March madness hit the markets Thursday as investors interpreted the bad news of inflation as good news.
Increases in the cost of gasoline and home heating oil drove up wholesale prices 1 percent in February, the biggest increase in nearly a decade.
But rather than dampening enthusiasm for stocks, the Thursday report bolstered a blue-chips rally that gave the Dow Jones industrial average its biggest one-day point gain. It skyrocketed nearly 500 points for a gain of 4.9 percent.
"It was a day that paid off for the patient, value investor," says Richard Kaplan, portfolio manager for Legacy Asset Management in Houston.
The Nasdaq composite index did not prove to be as resilient, despite being the darling of the market last week...
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