Real-Time Quote
US News
Page 1 of 5 | Next Page
Show Entire Article

Dow Logs Biggest One-Day Point Gain Ever
CNBC.com | October 13, 2008 | 04:48 PM EDT

Stocks bounced back from their worst week ever with one of their best performances in history as investors cheered a global cash infusion designed to unthaw the credit market and avoid a global meltdown.

The Dow Jones Industrial Average snapped an eight-day losing streak, gaining 936.42, or 11 percent, to close at 9,387.61.

It was the biggest point gain in the Dow's history — nearly double the prior record of 499.2 set back in 2000 — and the biggest percentage gain since 1933.

Monday's rally helped the Dow claw back about half of the 1,874, or 18 percent, it lost last week. That was the worst point and percent drop in market history.

The S&P 500advanced 11.6 percent, while theNasdaqgained 11.8 percent.

The CBOE Volatility Index, believed to be the best gauge of fear in the market, fell 14.8 points, or 21 percent, to 54.99, its biggest one-day point and percentage drop.

"Psychologically, there's been a change in sentiment," said Paul Brigandi, vice president of trading for Direxion Funds. "Last week, there was a lot of fear ... that the government was too little, too late and the market was spiraling out of control," Brigandi said. "Now, people are saying, 'Wow, this is an unprecedented effort ... there is a lot of liquidity being pumped into the market.'"

Page 1 of 5 | Next Page
Show Entire Article
Real-Time Quote
omniture pixel