Stocks Zoom as International Financial Community Rallies
The Dow shot up more than 900 points Monday after nations around the world pitched into the effort to resuscitate the dangerously flagging global marketplace by announcing their own rescue plans.
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The New York Times:
Moving swiftly to restore confidence, central banks around the world flooded the financial system with billions of dollars in liquidity. Britain, France, Germany, and several other European nations announced aggressive plans to guarantee loans, take ownership stakes in banks and prop up ailing companies with billions in taxpayer funds. Treasury officials were also working to shape the government’s bailout plan and the Treasury secretary, Henry M. Paulson Jr., was scheduled to meet with banking executives later today.
The moves amount to a drastic reshaping of the world of high finance. While stock markets in New York, Europe and Asia all moved higher on Monday, doubts still lingered that investors would be able to fully shake off the fears unleashed by last week’s enormous sell-off, the worst on Wall Street since 1933.
Shortly before 2 p.m, the the Dow was 563 points higher, a 6.6 percent gain that sent the blue-chip index above 9,000. The broader Standard & Poor’s 500-stock index gained 6.8 percent, and the Nasdaq was up by 7.2 percent.
Gains were even bigger in European markets, with the German DAX index [rising] 11.4 percent and the CAC 40 in Paris up 11.18 percent. The FTSE-100 in London rose 8.2 percent.
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