Like a roller coaster at the bottom of a hill, stocks reversed their slide today and soared skyward at dizzying speed, recovering about half their losses of the past week and giving investors large and small some hope that their 401(k)s, pension funds and private portfolios might yet be worth something more than the price of a ham sandwich by year's end.
The Dow Jones industrial average shot upward a stunning 936 points -- a record one-day point gain -- to close at 9,387.61. By day's end, investors had regained $1.2 trillion of the estimated $2.4 trillion in shareholder value wiped out last week, according to the Dow Jones Wilshire 5000 Composite Index, which represents nearly all stocks traded in America.
The Standard & Poor's 500 index rebounded from its worst week in 75 years with a 104-point gain, also a record, to close at 1,003.35. The Nasdaq rose 195 points to close at 1,844.25.
All three indexes were up more than 11 percent for the day. But full recovery was still a dream; as of Friday, the Dow and the S&P 500 were down more than 40 percent from their peaks last October, when the Dow closed at a high of 14,164. [More]
Tuesday, October 14, 2008
Dow Rebounds Big: Sends Shudders Through the Obama Campaign!
Dow rises record 936 points in stunning reversal
Posted by Othelmo da Silva at 1:49 AM