Huge Dow Jones rally
Posted by: helenoliveri in News, tags: banking, dow jones, wall streetWall Street Rallied Monday, sending the Dow Jones Industrial Average up 936 points, its biggest-ever point gain, and the biggest one-day percentage advance — 11 percent – since March, 1933.
The rally Monday came after the Treasury Department detailed some of its plans for infusing cash into struggling U.S. financial institutions and the Federal Reserve led a worldwide effort to increase the flow of dollars into worldwide banking systems.
The Treasury says its equity investments in financial institutions will target healthy banks with attractive terms.
The Monday rally started in Europe, with expanding government investment in ailing banks there. London’s FTSE 100 Index rallied more than 8 percent. The DAX Index in Germany gained 11.4 percent.
For the day, the Dow closed at 9387.61. The S&P500 Index rallied 104 points, or 11.6 percent.
The Nasdaq Composite Index finished the day up almost 195 points, or 11.8 percent.
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