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| Dow jumps 938 as governments pledge bank aid |
| 2008-10-13 |
| NEW YORK - Wall Street has stormed back from last week's devastating losses, sending the Dow Jones industrials soaring a nearly inconceivable 938 points after major governments' plans to support the global banking system reassured distraught investors. The Dow by far outstripped its previous record for a one-day point gain, 499, reached during the waning days of the dot-com boom in 2000. The market was likely to have a rebound after eight days of precipitous losses that took the Dow down nearly 2,400 points, but no one expected this kind of advance. Still, back-and-forth trading is likely to continue as Wall Street still contends with a crippled financial system and a struggling economy. So some of Monday's big gains may disappear when trading resumes Tuesday. The Dow is up about 938 points at the 9,389 level. All the major indexes are up more than 11 percent. |
| Posted by:tu3031 |
| #1 "soaring a nearly inconceivable 938 points after major governments' plans to support the global banking system reassured distraught investors" Uh, no, it's more likely a sign that this weekend a lot of people asked themselves why Warren Buffet is in buying mode. "Still, back-and-forth trading is likely to continue..." Tomorrow's forecast: daylight followed by a chance of darkness in the evening. These journalists are so frigging deep. |
| Posted by: Darrell 2008-10-13 19:32 |