{"URL": "https://www.wired.com/1999/03/stocks-soar-on-jobs-data", "heading": "stocks soar on jobs data", "subheading": "wall street explores record territory after an ever-so-slight rise in unemployment convinces traders that the fed will stand pat on interest rates. by <NAME>.", "author": "<NAME>", "category": "business", "type": "article", "timestamp": "03.05.1999 12:00 PM", "text": "wall street blasted into record territory friday after a teeny-weeny increase in monthly unemployment prompted traders to believe that the fed will chuck out all other evidence about white-hot us economic growth and hold interest rates at current levels. \"this was the cue, and we have to start dancing,\" said <NAME>, chief market analyst at jefferies & co.blue chips were setting the pace in mid-afternoon trading. the dow jones industrial average jumped 210.54 points to 9677.94 after hitting a record intra-day high of 9695.87, and the wired index was 18.80 up at 599.66. the nasdaq composite index gained 32.57 to 2325.46, and the s&p 500 was higher 21.09 at 1267.73.the market had been waiting all week for the february employment figures, not least because fedatollah alan greenspan is known to favor jobs numbers in getting a fix on inflation risk. a surprise increase in unemployment to 4.4 percent from 4.3 percent in january was sufficient to make investors think mr. g now will stand pat on interest rates when the fed's policymaking committee meets later this month.bolstering this belief was evidence that wage inflation is in check, with average hourly earnings up by just a penny in february. \"clearly, regardless of how strong the economy is, we do not see wage-price pressure,\" hogan said. \"the economy is not growing in a way that puts inflation in front of us.\"tech stocks continued to rebound from the thrashing they received earlier in the week. the enthusiasm that centered thursday on a us$16 billion purchasing deal between dell computer and ibm was rekindled by news of a big acquisition on the semiconductor side.level one communications (levl), a maker of networking chips, surged 63 percent to $44.13 after agreeing to be purchased by intel for $2.2 billion. for intel, the move represents its latest bid to diversify into new markets and retain its industry dominance in the face of greater competition. \"we're deadly serious about our network communications group,\" ceo <NAME> told reporters.intel (intc) slipped 94 cents to $112.44.cisco systems (csco) rose $2.25 to $100.50, and lucent technologies (lu) was up $1.63 at $103.88.another chip tip: sony (sne) climbed $2.38 to $81.81 after saying it will invest about $1 billion in manufacturing processors for its next generation of souped-up playstation machines. the new 128-bit devices are slated to debut in japan later this year, and to make it to action-hungry us gamers by late 2000.netwise, at home (athm) gained $1.81 to $117.06 on word that the cable-based access provider will become a component of the nasdaq 100 index after the closing bell on 9 march. it's replacing tele-communications inc., which is being gobbled up by at&t.tci isn't the only cable outfit with a new daddy. century communications (ctya) escalated $3 to $38.38 after saying it will be bought for $5.2 billion by adelphia communications (adlac). the merger will create the fifth-largest us cable operator, with about 4.7 million subscribers.but investors seem to think that adelphia is overreaching. this latest acquisition follows a $2.1 billion buyout last week of frontiervision partners, and the purchase of tiny verto communications in december. adelphia's stock fell $3.31 to $53.81."}