Dow Up 11%, Biggest Gain in History

The Dow Jones (DJI) rose higher overnight for the first day in nine straight falls, making it the biggest single one day rally on record. It seems that records are being broken all over the place after international Government action finally restored some confidence in the market and the banking sector. 

Stocks roared more the Dow up more than 936.42 points, a total gain which previously took more than 69 years to achieve. The Index finished at 9,387.61 or 11.1%. From the moment the Dow was created to 1969, it took more than 69 years to get to 937 points. 

General Motors (GM) shot up more than 40% after reports that the car maker had contemplated a merger and is still assessing its option with Chrysler. Shares of Morgan Stanley (MS) were up a whopping 87% to finish at $18.10 USD, while Mitsubishi UFJ Financial (MTU) finished up 15.5% to close at 7.68.

The S&P500 rose 104.10 points, or 11.6% to 1,003.32 – breaking the 1000 point physiological barrier – and attaining its largest single point jump in history. 

Volume on the NYSE topped around 1.8 Billion shares, with advancing shares beating declining ones 19 to 1. On the Nasdaq (NASDAQ) , nearly 1.2 billion shares traded, and advancers outclassed decliners 6 to 1.