Dow Has Biggest Point Gain EVER

Well, this Monday didn’t suck.

Bloomberg: Stocks stocks rallied, sending the Dow Jones Industrial Average to its biggest point gain ever, on a government plan to buy stakes in banks and a Federal Reserve-led push to flood the global financial system with dollars.

The Standard & Poor’s 500 Index rebounded from its worst week in 75 years with its steepest advance since 1987, and the Dow climbed more than 700 points. Morgan Stanley soared as much as 90 per cent after sealing a $9 billion investment from Japan’s Mitsubishi UFJ Financial Group Inc. Bank of America Corp. and Citigroup Inc. jumped more than 8 per cent, while General Motors Corp. and Ford Motor Co., the largest U.S. automakers, rose more than 20 per cent each.

The S&P 500 added 82.4, or 9.2 per cent, to 981.4 at 3:37 p.m. in New York. The Dow increased 716.75, or 8.5 per cent, to 9,167.94, eclipsing its previous record 499-point gain in March 2000. The Nasdaq Composite Index advanced 147.37, or 8.9 per cent, to 1,796.88. Eight stocks gained for each that fell on the New York Stock Exchange.

 

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.


Tagged In

home-us