Wall Street soars as government pledges bank aidPosted: Updated:
(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