Wall Street soars as US government pledges bank aid

By JERUSALEM POST STAFF
Wall Street stormed back from last week's devastating losses Monday, sending the Dow Jones industrials soaring a nearly inconceivable 936 points after major governments' plans to support the global banking system reassured distraught investors. All the major indexes rose more than 11 percent. The market was likely to rebound after eight days of precipitous losses that took the Dow down nearly 2,400 points, but no one expected this kind of advance, which saw the Dow by far outstrip its previous record for a one-day point gain, 499.19, set during the waning days of the dot-com boom. Still, while the magnitude of Monday's gains stunned investors and analysts, no one was ready to say Wall Street had reached a bottom. The market is likely to have back-and-forth trading in the coming days and weeks - and may well see a pullback when trading resumes Tuesday - as investors work through their concerns about the banking sector, the stagnant credit markets and the overall economy.