DIZZYING DOW HAD WILD RIDE TO RECORDS IN YEAR.

Byline: Steven P. Rosenfeld Associated Press 

This was not the year for the faint-of-heart investor.

While stocks seemed to defy gravity in a romp into the record books in 1995, it was more of a white-knuckle ride as those gains were extended in 1996.

Some highlights of a turbulent year:

As the year begins, the Dow Jones industrials average is at 5,117.12, the Standard & Poor's 500-stock index is at 615.93 and the Nasdaq composite index is at 1,052.13. The 30-year U.S. Treasury bond - a benchmark for such long-term borrowing charges as mortgage loans - is at 5.94 percent. The dollar is trading at 103.40 Japanese yen.

Jan. 3: Yields on 30-year bonds are at what turns out to be the low point of the year, 5.95 percent, slightly above the 1995 close.

Jan. 10: The Dow tumbles 97.19 to 5,032.94, its low point for this year, after House Speaker Newt Gingrich says a federal budget deal may not be reached until after the November elections.

Jan. 31: The Federal Reserve cuts interest rates and banks lower their prime rates. Stocks rise to record heights amid expectations that more cuts are down the road.

Feb. 20: Fed Chairman Alan Greenspan says that despite recent slow growth, the economy is ``basically on track for sustained growth.'' The comments dampen hopes for further interest rates cut, sending bonds tumbling to their biggest one-day drop since May 1994.

Feb. 22: Greenspan's pronouncements may spook markets, but Wall Street shows it likes the low-inflation stance of a Greenspan-led Fed. When President Clinton appoints Greenspan to a third term as Fed chief and decides to pass by an opportunity to fill two central bank vacancies with pro-growth appointees, the Dow rises more than 92 points, its biggest one-day gain in points since early 1991.

March 8: Dow plummets 171.24, third-worst point drop ever, on a monthly employment report of exceptionally strong jobs growth. This raises inflation worries and shoots down conventional thinking that the Fed has room for further rate cuts. Bond prices plummet in the biggest one-day decline since 1977, and yields on 30-year Treasury bonds shoot up to 6.72 percent from 6.46 percent the previous day.

March 11: After a weekend to think over the employment shock, stocks rebound with the Dow up 110.55 points, the third-biggest point rise ever.

April 8: In first trading following a Good Friday release of a second strong employment report, the Dow at one time is down 140 before recovering only some of its losses.

May 2: Yields on 30-year Treasury bonds close above 7 percent for the first time in almost a year.

May 8: At the low point of its spring slide, the Dow is off as much as 6.1 percent from its April 3 peak at 5,342.19 during trading. It then rallies to close up 53.11 at 5,474.06, setting the stage for a new surge.

May 22: The Dow rises 41.74 to a record 5,788.00 on new hopes there is still room for interest rate relief.

June 5: The Nasdaq composite index peaks at 1,249.15.

July 5: More strong employment data jolts stocks, with the Dow off 114.88. In the following week, technology stocks are battered by disappointing earnings reports from Hewlett-Packard and Motorola.

July 15: The Dow is off 161.05 as jitters continue and speculation grows on whether the bull market has run its course.

July 16: The Dow falls as much as 167.20 points during trading to 5,182.31 - 10.5 percent from its May 22 peak. But it rallies to end the day up 9.25 points.

July 17: Greenspan calms markets in a week when volume records are being set, saying ``inflation remains quiescent.'' The Nasdaq composite index, which had tumbled nearly 20 percent from its June record, rises 33.13, its biggest one-day point gain ever. Bond yields retreat below 7 percent.

Sept. 13: Friday the 13th rally pushes Dow to its first new high since May 22 and over 5,800 for the first time.

Oct. 7: First Nasdaq record high since June 5.

Oct. 14: Dow closes above 6,000 for first time, helped by strong earnings reports.

Oct. 28: The dollar rises above 114 yen for the first time since early 1993. It peaks during trading the next day at 114.88 yen.

Nov. 5: Democrats retain White House, Republicans keep control of Congress and Wall Street stages a ``gridlock is good'' rally to new heights in the days that follow.

Nov. 25: The Dow rises 76.03 to record 6,547.79, capping a remarkable November rally.

Dec. 6: The Tokyo stock market has its worst day of the year as the Nikkei Stock Average drops 3.19 percent, or 667.20 points. The Dow falls as much as 145 points in the first trading after Greenspan's ``irrational exuberance'' comments of the night before. Markets begin recovering late in the day, with the Dow closing down 55.16.