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Dow's Big Day: Up 936 Points (And Above 9,000)
By
Jen Chung
Published Oct 13, 2008
Modified Oct 13, 2008
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By
Jen Chung
Published Oct 13, 2008
Modified Oct 13, 2008
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Wall Street followed the lead of global markets and the Dow Jones rose an incredible 936 points to end the day at 9,387.61, an 11% increase, which is the biggest one-day percentage gain since 1933. The Nasdaq and S&P 500 also increased 11%.
This comes after the world governments' and banks' announced various moves to shore up the markets, some "flood[ing] the financial system with billions of dollars in liquidity." Still, Michael Darda, chief economist at MKM Partners, told the Wall Street Journal, "The danger here is that people will be lulled into the idea that a strong bull trend is now in place rather than the idea that the market is just bouncing off a short-term oversold condition." He believes that the unemployment rate will peak at 8% (it's at 6.1% now) and that the U.S. economy will "remain weak for the next two years."
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dow jones
economy
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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