Stocks moved back up today as investors made moves with the hope that the worst of the credit crisis has passed. The Dow Jones Industrial Average ended 936 points higher, after having risen as much as 976 points during the session, according to CNN Money. The advance was apparently the largest ever during a session on a point basis.
"We had some good news this morning from the Fed and the other central banks, but we were also oversold on an historic level and due for a big bounce," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "We basically saw a crash, and so you're going to see a big bounce off that."
Last week was the Dow's worst ever. Today's jump follows an announcement from the government that it will support the global banking system and the US Treasury's plan to buy stocks of some banks.
C&A
Superdrug
Milly
i was watching the market during lunch while i was at the gym and i was thrilled that it was up 580 points that when i got to the gym after work and saw that it was up 936 i was FLOORED - that's GREAT news. i think that the american people just wanted to be reminded that the feds do care and that they can help some how. i hope that this isn't just a one off good day - and that the next few continue
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