Wall Street has become a dollar store.
AP Via Chicago Tribune: Wall Street had another astounding advance Tuesday, with the Dow Jones industrials soaring nearly 900 points in their second-largest point gain ever as late-day bargain hunters stormed into the market. The Dow and the Standard & Poor’s 500 index each shot up nearly 11 per cent.
There didn’t appear to be any one catalyst for the surge that saw the Dow nearly double its gain in the last hour of trading. Many analysts said investors were grabbing up stocks in the belief that Wall Street had fallen too far in recent sessions; the Dow had dropped 500 points in two days.
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