Dow up 247;
S&P at record

NEW YORK -- The Nasdaq composite index and the Standard & Poor's 500 soared to new records today as investors exulted in fresh evidence that the nation's tight labor market is not contributing to rising inflation.

The Dow Jones industrial average rose 247.12, or 2.24 percent, to close at 11,286.18. That left Wall Street's best-known average just 40 points shy of the record close of 11,326.04 reached on Aug. 25.

At its peak, the Dow was up 302 points before dropping back to finish with its second-biggest point gain of the year.

The Standard & Poor's 500 rose 24.26, or 1.72 percent, to 1,433.30, and the Nasdaq composite index rose 67.85, or 1.97 percent, to 3,520.63. So far in 1999, the Nasdaq is 60.56 percent higher; the S&P 500 is up 16.6 percent; and the Dow has advanced 22.92 percent.

Advancers beat decliners today by a 3-to-2 margin on the New York Stock Exchange, with 1,823 up, 1,252 down and 467 unchanged. NYSE volume totaled 994.20 million shares vs. 895.21 million yesterday. The NYSE composite gained 9.57 to close at 646.73; the American Stock Exchange composite index climbed 1.89 to 835.25; and the Russell 2000 index of rose 4.14 to 464.58.

Bonds prices rose, lending extra support to the stock market. The yield on the 30-year Treasury bond fell to 6.26 percent, from 6.31 percent late yesterday.

Technology and large, widely held stocks led the way on Wall Street. Software company Oracle Corp. and Internet auctioneer eBay Inc. helped boost the Nasdaq.