Dow Has First 10,000 Close.
Mar. 29, 1999
NEW YORK (AP) _ The Dow Jones industrial average closed above 10,000 for the first time today as news that several big mergers are in the works gave investors a surge of optimism and propelled the entire stock market sharply higher.
Today's session marked the fifth time that the 103-year-old index crossed 10,000, but it was the first time it had enough momentum to stay above five digits until the closing bell. Earlier this month, the Dow traded as high as 10,085.31, but profit-taking and concerns about upcoming first-quarter earnings reports brought the index back down.
Wall Street was buoyant Monday following news that Britain's BP Amoco is discussing a merger with rival oil company Atlantic Richfield, and that CBS is interested in King World, the producer of TV shows including ``Jeopardy'' and ``The Oprah Winfrey Show.''
Another report said drug makers Glaxo Wellcome and Bristol Myers-Squibb had discussed a deal, but called off the talks, an indication that Glaxo has renewed last year's search for a merger partner.