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Nikkei Up 14% in Record Rally

Bank support plans boost Japan's index to biggest gain in its history

By Rob Quinn, Newser Staff

Posted Oct 14, 2008 1:59 AM CDT

(Newser) – The Nikkei surged over 14% on the news that the US and Europe will buy up stakes in troubled banks, Bloomberg reports. The index's biggest gain in history follows its biggest loss in its history last week. Japan's markets were closed for a holiday yesterday when global indexes soared. Hong Kong's Hang Seng index rose 4.2% for a two-day gain of 15%.

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A Tokyo Stock Exchange worker reacts after the opening bell of today's trading. (AP Photo/Katsumi Kasahara)

Tokyo Stock Exchange workers beam as they watch a stock price board shortly after the opening bell of today's trading. (AP Photo/Katsumi Kasahara)

A visitor takes pictures of an electric board displaying the Nikkei Index and other figures at the Tokyo Stock Exchange today. (Getty Images)

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Today's surge in the stock market reflects how fearful investors have been about the consequences of the credit turmoil. Governments have brought up all the essential, if not perfect, measures people in the market wanted to see. - Asset manager Masanori Ikunaga

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Nikkei Up 14% in Record Rally