As countries around the world pledged nearly $2 trillion to stem the global credit crisis, the markets jetted into the stratosphere with the Dow Jones Industrial Average setting a record for a one day point gain by rocketing 936 points to 9388. Nasdaq leaped 195 points to 1844.
On the upside
Shares of American Axle & Manufacturing (NYSE: AXL) plummeted after General Motors (NYSE: GM) announced the closing of an SUV factory in Wisconsin.
General Electric (NYSE: GE) disappointed with lower third quarter earnings due to weakness at its financing arm GE Capital.
Group 1 Automotive (NYSE: GPI) blamed hurricanes and the credit crisis for warning that third quarter income will fall short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 15 to 1 on the NYSE and by 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 48 points to 571.