Dow has biggest daily gain on word of global teamwork
The Dow soared more than 900 points Monday in its biggest one-day point gain ever. However, it?s unclear if the positive turn will stick.
Wall Street and markets around the world surged following reports of global efforts to stem the economic crisis. The world?s top economic leaders met in Washington over the weekend.
"We will continue to implement measures consistent with the G7 action plan to help banks gain access to capital to strengthen the financial system, to unfreeze credit markets and restore confidence in our financial system," President Bush said Monday.
Federal Reserve and Treasury Department officials are meeting to finalize details of the $840 billion financial rescue package.
"I'm excited,? said Lloyd Neck investor Christine Bowman. ?I have a really good feeling about these stocks going up."
Others are being more cautious. Phil Carlucci, of Valley Stream, said getting too enthusiastic or nervous as the Dow fluctuates is silly. "The stock market is naturally something that goes up and down,? he said.
Bush said he will meet with world leaders again in a few weeks.
Fedto buy short-term debt, markets drop againDowfalls 800 points on bailout anxiety, then recovers