Wall Street soars as government pledges bank aid

(AP) - Wall Street has stormed back from last week'sdevastating losses, sending the Dow Jones industrials soaring anearly inconceivable 938 points after major governments' plans tosupport the global banking

News 12 Staff

Oct 13, 2008, 10:16 PM

Updated 5,721 days ago

Share:

(AP) - Wall Street has stormed back from last week'sdevastating losses, sending the Dow Jones industrials soaring anearly inconceivable 938 points after major governments' plans tosupport the global banking system reassured distraught investors.
The Dow by far outstripped its previous record for a one-daypoint gain, 499, reached during the waning days of the dot-com boomin 2000.
The market was likely to have a rebound after eight days ofprecipitous losses that took the Dow down nearly 2,400 points, butno one expected this kind of advance. Still, back-and-forth tradingis likely to continue as Wall Street still contends with a crippledfinancial system and a struggling economy. So some of Monday's biggains may disappear when trading resumes Tuesday.
The Dow is up about 938 points at the 9,389 level. All the majorindexes are up more than 11 percent.


More from News 12
2:23
STORM WATCH: Sunny and hot today, gusty thunderstorms and possible hail Friday afternoon

STORM WATCH: Sunny and hot today, gusty thunderstorms and possible hail Friday afternoon

2:14
Wake today for 13-year-old killed in tragic Harrison accident

Wake today for 13-year-old killed in tragic Harrison accident

0:34
New York state legislation could allow schools to cancel class on 'extreme heat’ days

New York state legislation could allow schools to cancel class on 'extreme heat’ days

1:43
Officials: Serious cybersecurity attack holds data, operations in City of Newburgh at ransom

Officials: Serious cybersecurity attack holds data, operations in City of Newburgh at ransom

3:36
 The East End: Wickham’s Fruit Farm in Cutchogue

The East End: Wickham’s Fruit Farm in Cutchogue

2:11
Teen who died in Harrison parking garage fall remembered at prayer service

Teen who died in Harrison parking garage fall remembered at prayer service

0:47
Elmsford hotel employees file lawsuit against management alleging criminal activity

Elmsford hotel employees file lawsuit against management alleging criminal activity

1:43
Phelps Hospital holds Inaugural World Sickle Cell Day event

Phelps Hospital holds Inaugural World Sickle Cell Day event

0:59
Bear sightings increase across the Hudson Valley

Bear sightings increase across the Hudson Valley

1:36
Toddler from New Square expected to recover after being hit by van

Toddler from New Square expected to recover after being hit by van

0:32
Sapling from Anne Frank’s tree dedicated at White Plains’ Garden of Remembrance

Sapling from Anne Frank’s tree dedicated at White Plains’ Garden of Remembrance

1:45
Westchester hires flood mitigation director to tackle escalating issue

Westchester hires flood mitigation director to tackle escalating issue

0:39
Rockland roofing company founder sentenced in ‘avoidable’ 2022 death of worker

Rockland roofing company founder sentenced in ‘avoidable’ 2022 death of worker

1:50
Fishkill opens new pickleball courts, plans more as craze takes hold

Fishkill opens new pickleball courts, plans more as craze takes hold

0:44
Putnam County brothers convicted in charges stemming from Jan. 6 Capitol riot

Putnam County brothers convicted in charges stemming from Jan. 6 Capitol riot

1:28
NYPD: 37-year-old woman from Mount Vernon fatally slashed in the neck in Williamsbridge; suspect arrested

NYPD: 37-year-old woman from Mount Vernon fatally slashed in the neck in Williamsbridge; suspect arrested

0:23
News 12's Blaise Gomez voted Best of Hudson Valley magazine's 'Best News Anchor' for second year in a row

News 12's Blaise Gomez voted Best of Hudson Valley magazine's 'Best News Anchor' for second year in a row

0:46
Police seek help finding missing woman with autism in Hartsdale

Police seek help finding missing woman with autism in Hartsdale

1:10
Headlines: Murder suspect arrested, burglary arrest in Mamaroneck, drug and weapons charges in Newburgh

Headlines: Murder suspect arrested, burglary arrest in Mamaroneck, drug and weapons charges in Newburgh

0:30
Transit Alert: Bee-Line Bus service changes coming Monday

Transit Alert: Bee-Line Bus service changes coming Monday