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New York - U.S Stocks Close on Track for Biggest Point Gain Ever, Nearly 1000 Points |
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The Dow Jones Industrial Average was up nearly 938 points, to close at 9,389.00
At this rate, the Dow is on track for its biggest one-day point gain ever. The record is a gain of 499.2 points, set on March 16, 2000.
Monday's rally was a welcome reprieve after the Dow last week fell 1,874 points, or more than 18 percent, the worst point and percent drop in market history.
After the stomach-churning drops of recent weeks, a curious byproduct: Traders are actually saying openly that the bottom is in. Typically, no one wants to be within a 500-mile radius of calling the bottom.
"You will probably see a few more declines but we're beginning to see the bottom of this and so the opportunities are quite interesting, quite attractive," Mark Mobius, lead portfolio manager at Templeton and an emerging-markets specialist, told CNBC.
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Read Comments (4) — Post Yours »
1
Oct 13, 2008 at 04:50 PM Anonymous Says:
So McCain was right all along. "The fundamentals of the economy are strong."
2
Oct 13, 2008 at 04:59 PM JoeFlix Says:
Its so cute how God crushes us and makes us humble and afraid before Rosh Hashona and gives us some "Dont Worry I Will Be Ok" good news a few hours before Succos.
Or does it mean we all just prayed well??
3
Oct 13, 2008 at 05:24 PM Use Your Head Says:
“ So McCain was right all along. "The fundamentals of the economy are strong." ”
This is a typical reaction, but an entirely incorrect one. The stock market goes up and down in varying patterns regardless of the economy or the "fundamentals" thereof. You are like the people who walk outside on a hot day and say "Hey, this global warming thing is serious!" and then when it gets cold you say "Oh please, global warming my foot!"
4
Oct 15, 2008 at 10:05 PM Charlie Hall Says:
It lost almost all those gains today while we were waving our lulavim and sitting in our sukkot. HaShem is in charge.