The U.S. stock market took a historic dive last week, but did it touch the bottom of the pool on Friday when the Dow Jones Industrial Average hit 7,882 points? Investors seem to believe so.
The market gained more than 900 points today, rising from an opening value of 8,462, past the 9,000 mark, and closing at 9,387. The huge gains represented an increase in value of 11 percent on the day. Analysts credited a coordinated move by the G7 economic powers (United States, Canada, France, Germany, United Kingdom, Italy, and Japan) to invest in banks and restore confidence in the global banking system, which will lead to better credit availability for businesses.
Add 1: 15 p.m. 12.Oct.08: According to Bloomberg, this is the Dow’s biggest single-day point gain ever.