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December 4, 2008 2:47:19 PM CST

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Wow! Dow Climbs 400 Points

Posted Mar 11, 08 3:55 PM CDT in Business 

(Newser) – The Fed's plan to ease the credit crisis sent stocks roaring today; by the closing bell, the Dow was up by more than 400 points. Financials led the way, reports the Wall Street Journal, with massive gains by Citigroup and American Express. The Dow closed up 416.66 at 12,156.81, the Nasdaq up 86.42 at 2,255.76, and the S&P 500 up 47.28 at 1,320.65.

The Fed's move to act with other central banks to shore up global markets by pumping $200 billion into the financial system will help alleviate the credit crisis but likely won't end it, say analysts. "This perhaps buys us a little more time to get some hard economic data that make people feel better," said a strategist. "Ultimately, that's what's going to end this."

Sources Wall Street Journal, Bloomberg, CNN, Financial Times (UK)

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Specialists Michael McDonnell and Elizabeth Rose talk as they work on the floor of the New York Stock Exchange Tuesday, March 11, 2008. Wall Street rebounded sharply Tuesday after the Federal Reserve...   (Associated Press)
Traders Al Young, left, and Randy Beller converse as they work on the floor of the New York Stock Exchange Tuesday, March 11, 2008. Wall Street rebounded sharply Tuesday after the Federal Reserve and...   (Associated Press)
A pair of traders work on the floor of the New York Stock Exchange Tuesday March 11, 2008. Wall Street rebounded sharply Tuesday after the Federal Reserve and other central banks said they will pump $200...   (Associated Press)
Stocks put on an explosive show today. (AP Photo/Disney)   (Associated Press)
Stocks put on an explosive show today.   (Getty Images (by Event))
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