Wall Street soars as government pledges bank aid

(AP) - Wall Street has stormed back from last week'sdevastating losses, sending the Dow Jones industrials soaring anearly inconceivable 938 points after major governments' plans tosupport the global banking

News 12 Staff

May 28, 2014, 6:55 PM

Updated 3,611 days ago

Share:

Wall Street soars as government pledges bank aid
(AP) - Wall Street has stormed back from last week'sdevastating losses, sending the Dow Jones industrials soaring anearly inconceivable 938 points after major governments' plans tosupport the global banking system reassured distraught investors.
The Dow by far outstripped its previous record for a one-daypoint gain, 499, reached during the waning days of the dot-com boomin 2000.
The market was likely to have a rebound after eight days ofprecipitous losses that took the Dow down nearly 2,400 points, butno one expected this kind of advance. Still, back-and-forth tradingis likely to continue as Wall Street still contends with a crippledfinancial system and a struggling economy. So some of Monday's biggains may disappear when trading resumes Tuesday.
The Dow is up about 938 points at the 9,389 level. All the majorindexes are up more than 11 percent.
Economy woes have lowered prices for shoppers


More from News 12
0:44
Ex-Mount Hope supervisor released from prison after guilty plea in child sex case and ‘judicial error’

Ex-Mount Hope supervisor released from prison after guilty plea in child sex case and ‘judicial error’

2:18
Amazing weather today, light rain tomorrow afternoon through Thursday

Amazing weather today, light rain tomorrow afternoon through Thursday

1:37
Elmsford PD: Man arrested on weapons charge during ‘extreme risk protection order’ raid

Elmsford PD: Man arrested on weapons charge during ‘extreme risk protection order’ raid

0:25
Cortlandt Manor tax preparer known as ‘The Magician’ accused of $100 million tax fraud

Cortlandt Manor tax preparer known as ‘The Magician’ accused of $100 million tax fraud

0:42
Porch collapse in Dutchess County leaves 1 injured

Porch collapse in Dutchess County leaves 1 injured

0:54
Mandatory seat belt law proposal for charter buses spurred after fatal Orange County crash

Mandatory seat belt law proposal for charter buses spurred after fatal Orange County crash

Vote 2024: Ask your questions for Congressional District 16 Democratic candidates

Vote 2024: Ask your questions for Congressional District 16 Democratic candidates

0:41
Rockland Community College library and student union closed indefinitely due to water damage

Rockland Community College library and student union closed indefinitely due to water damage

0:23
Vandalism at New Hampton park prompts search for culprit

Vandalism at New Hampton park prompts search for culprit

0:32
Orange County DA: 2 men arrested in Walmart knife fight that injured a police officer

Orange County DA: 2 men arrested in Walmart knife fight that injured a police officer

0:25
Port Chester man arrested after burglary leads to standoff in Elmsford

Port Chester man arrested after burglary leads to standoff in Elmsford

0:24
Hyde Park School District honored nationally for music education excellence

Hyde Park School District honored nationally for music education excellence

1:00
Headlines: Officer charged in illegal eavesdropping, drug dealer arrested again, missing woman

Headlines: Officer charged in illegal eavesdropping, drug dealer arrested again, missing woman

0:26
MTA introduces electric-powered vans to Access-A-Ride fleet

MTA introduces electric-powered vans to Access-A-Ride fleet

0:51
Authorities unable to determine cause of loud boom noise in Carmel

Authorities unable to determine cause of loud boom noise in Carmel

Guide: Alcohol addiction recovery support and resources

Guide: Alcohol addiction recovery support and resources

2:54
Prison conversations shed light on Robert Durst's mental state, depths he went to evade justice

Prison conversations shed light on Robert Durst's mental state, depths he went to evade justice

1:55
Gov. Hochul, state lawmakers reach 'conceptual' agreement on state budget

Gov. Hochul, state lawmakers reach 'conceptual' agreement on state budget

0:35
Police: 41-year-old man recovering from stabbing at New Rochelle sports lounge

Police: 41-year-old man recovering from stabbing at New Rochelle sports lounge

New DMV comes to downtown Port Jervis

New DMV comes to downtown Port Jervis