Dow Up 936 at Closing Bell
U.S. stocks rebounded today after a week that brought many in the financial world to their knees. Bloomberg reports:
U.S. stocks rallied, sending the Dow Jones Industrial Average to its biggest point gain ever, on a government plan to buy stakes in banks and a Federal Reserve-led push to flood the global financial system with dollars.
The Standard & Poor's 500 Index rebounded from its worst week in 75 years with its steepest advance since 1987, and the Dow climbed more than 700 points. Morgan Stanley soared as much as 90 percent after sealing a $9 billion investment from Japan's Mitsubishi UFJ Financial Group Inc. Bank of America Corp. and Citigroup Inc. jumped more than 8 percent, while General Motors Corp. and Ford Motor Co., the largest U.S. automakers, rose more than 20 percent each.
The S&P 500 added 82.4, or 9.2 percent, to 981.4 at 3:37 p.m. in New York. The Dow increased 716.75, or 8.5 percent, to 9,167.94, eclipsing its previous record 499-point gain in March 2000. The Nasdaq Composite Index advanced 147.37, or 8.9 percent, to 1,796.88. Eight stocks gained for each that fell on the New York Stock Exchange.
- FILED UNDER: Finance, $700 Billion Bailout, Wall street
- October 13, 2008
This is no so much a rebound . . .
. . . as it is the bounce of the body off the terrace at the 40th floor. There's still a way to go before it hits bottom. Honestly, what has fundamentally changed in the economy or its outlook?
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By storkyOctober 13, 2008 - 4:12pmBy storkyOctober 13, 2008 - 5:12pm
".... as it is the bounce of the body off the terrace at the 40th floor....
NICE visual...as long as it's the fat, over-fed body of a grossly over-paid CEO!
PITCHFORKS AND TORCHES!!
YES...I'M PISSED OFF...AREN'T YOU??
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By roadgoddessOctober 13, 2008 - 8:13pmOnly idiots are investing now
The rest of the investors will take the opportunity to get their money out of the market now that it's higher. Watch it drop tomorrow.
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By f u bush2October 13, 2008 - 4:49pmwhat we've seen so far
is only the housing and financial bubble bursting. the recession has yet to hit wall st.
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By commiecakesOctober 15, 2008 - 7:28amWait till it hits us regular people!
When we have investment bankers stocking the toy shelves at Wal-Mart, THEN something will be done.
You don't have to burn books to destroy a culture. Just get people to stop reading them.
---Ray Bradbury
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By LiberalIconoclastOctober 16, 2008 - 1:49am