Wall Street explodes, marks biggest 1-day gain

Subject: Wall Street explodes, marks biggest 1-day gain Mon Oct 13, 2008 8:05 pm

NEW YORK--Stocks snapped a brutal losing streak in resounding fashion as the Dow Jones Industrial Average enjoyed its biggest one-day point gain ever following new moves by governments to shore up the global financial system.

The Dow leapt 936.42 points, or 11.1%, to 9387.61. The rally ended an eight-day slide in which the blue-chip measure plummeted almost 2,400 points and endured the worst full-week performance in its 112-year history.

Twenty-nine of 30 Dow components posted gains, with General Electric the only exception, sliding 2.3%. General Motors, which is reportedly in talks to merge with Chrysler, was among the big winners, soaring 33.1%. Alcoa and Chevron rose more than 20% each, while Microsoft rose 18.6% and American Express gained 17.9%.

Regulators have been scrambling to shore up financial institutions and ease some of the fears that have led to a freeze-up in the credit markets. Analysts hope the latest steps may have put the worst of the crisis in the rearview mirror, although some cautioned that economic weakness and skittish lending practices could persist. The Dow is still down 29% for the year to date and 34% from its record close of 14164.53 hit on October 9, 2007.

"I have to admit, they have come up with something that makes sense," said trader Don Bright, who was skeptical of Washington's initial efforts to bail out the U.S. financial industry. Referring to the increasingly global approach that's emerging among policy makers, he said: "We have to do it this way. We couldn't do it without our friends, no matter how all-powerful we'd like to think America is economically."

After running from risk last week amid frozen credit markets and concern that more companies could be pushed into insolvency because of a lack of access to funding, investors Monday cheered pledges of further coordinated actions by global authorities to recapitalize the crippled banking system.

http://www.inlandnewstoday.com/story.php?s=4335

Wall Street explodes, marks biggest 1-day gain

Wall Street explodes, marks biggest 1-day gain

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