U.S. Stocks Soar in Biggest One-Day Gain Ever

(Video: France24 / AP • Story: Globe & Mail / AP)



Wall Street stormed back Monday from last week’s devastating losses, sending the Dow Jones industrials soaring a nearly inconceivable 938 points after major governments’ plans to support the global banking system reassured distraught investors.

The Dow by far outstripped its previous record for a one-day point gain, 499, reached during the waning days of the dot-com boom in 2000. All major indexes rose about 11 per cent.

The Wall Street surge will be good news for the Canadian stock market, which was closed Monday for the Canadian Thanksgiving holiday. Last week, the TSX lost more than 16 per cent of its value, one of the worst weeks ever for the Canadian market, on investor worries about falling commodity prices and a spreading economic recession. Read more here.



President Bush said Monday that his administration will work to implement measures to help banks gain access to capital, strengthen the financial system and unfreeze credit markets.