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Tuesday, January 5, 1999 Published at 22:14 GMT
Business: The Markets
Wall Street market report
![[ image: ]](/olmedia/95000/images/_98167_usre150.gif) |
US stocks closed sharply higher in keeping with the tradition for an early January rally as the Nasdaq and Standard & Poor's 500 indexes leaped to record closes.
The leading Dow Jones index rose 127 points, or 1.3%, to 9,311 on volume of 779m shares on the New York Stock Exchange. The Nasdaq technology stock index was up 43 points, or 1.9%, at 2,251 and the S&P 500 rose 1.4% to 1,245.
Analysts said investors injecting year-end cash bonuses to work in the stock market is behind the rally. One said; "The fact that they keep buying equities is a vote of confidence in the American economy."
Online bookseller Amazon.com gained 6-3/16 to 124-1/2 after it said its fourth quarter sales jumped 250% to $250 million from a year earlier.
AirTouch Communications, the largest independent wireless phone company in the United States, jumped 7-1/8 to 75 after confirming it had received a merger proposal from Britain's Vodafone.
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