Dow's Big Day: Up 936 Points (And Above 9,000)

2008_10_dow1013.jpg

Wall Street followed the lead of global markets and the Dow Jones rose an incredible 936 points to end the day at 9,387.61, an 11% increase, which is the biggest one-day percentage gain since 1933. The Nasdaq and S&P 500 also increased 11%.

This comes after the world governments' and banks' announced various moves to shore up the markets, some "flood[ing] the financial system with billions of dollars in liquidity." Still, Michael Darda, chief economist at MKM Partners, told the Wall Street Journal, "The danger here is that people will be lulled into the idea that a strong bull trend is now in place rather than the idea that the market is just bouncing off a short-term oversold condition." He believes that the unemployment rate will peak at 8% (it's at 6.1% now) and that the U.S. economy will "remain weak for the next two years."

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Comments (6) [rss]

"which is the biggest one-day percentage game since 1933"

"remain week for the next two years."

@hoodlum
LULZ!

Think of this gain as the calm before the storm, we are in for a bumby ride this gain will be eliminated soon enough.

Woohoo! I'm celebrating! I'm gonna git myself a zero-down sub-prime mortgage on one of them fancy new condos in Vegas!

It's a dead cat bounce.
Cue 1 day 500+ point selloff in 3, 2, 1....

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