One of the most memorable months in Wall Street history ended in a sea of green on Tuesday, easing some of the pain from the turmoil of the past four weeks.
The Dow answered its worst ever single-day point loss with one of its best point gains in history, in part on hopes Congress will eventually pass a financial rescue bill that may be more favorable than the one it rejected a day ago.
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The Dow Jones Industrial Average jumped 485.21 points, or 4.68%, to 10850.66. The broader S&P 500 Index added 58.34 points, or 5.27%, to 1164.73, while the Nasdaq Composite Index picked up 98.60 points, or 4.97%, to 2082.33. The consumer-friendly Fox 50 Index rose 42.24 points, or 5.17%, to 859.05
“Yesterday was about fear, panic and frustration. Fear and panic that things were going to get a lot worse and frustration over the House's inability to pass the bailout bill," said Michael James, senior equity trader at Wedbush Morgan Securities. “Certainly there's a little bit more optimism about things today. We’ll have to see if it comes to fruition.”
The Dow's huge rally was the third highest one-day point jump in the index's history. On a percentage basis, the gains didn't crack the top 20 best performances.
Remember last week started with a crash and by the end of the week the Dow had only lost 40 points. I don't now if that's going to happen again, but at this point I think things are going to settle down a bit.
So far, the world hasn't ended.
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