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Credit Crisis Update: U.S. Stocks Notch Record Gains on Investor Hopes for a New Bailout Plan
U.S. stocks soared yesterday (Tuesday) – with the Dow Jones Industrial Average gaining 485 points in posting its third-biggest point gain ever – as investors surged back into stocks just one day after the surprise rejection of a $700 billion bailout plan touched off a record sell-off.
On Monday, after the House of Representatives refused to approve the compromise bailout accord, the Dow Jones plunged nearly 778 points – for its biggest point drop ever – as $1.2 trillion in shareholder wealth was eradicated from U.S. shares. The Standard & Poor’s 500 Index dove 8.79%, incurring its biggest loss since the 1987 stock market…
1Oct2008 | Managing Money | Comments Off | Continued
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