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Markets Soar With $2 Trillion Pledged To Stem Crisis
Posted on October 13, 2008 at 17:31 PM EDT
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
Activision Publishing (Nasdaq: ATVI) launched the beta version of the multiplayer Call of Duty: World at War for Microsoft's (NYSE: MSFT) Xbox 360.
Shares of Nvidia (Nasdaq: NVDA) surged after the Department of Justice ended its investigation into possible antitrust violations related to graphics processing units and cards.
On the downside
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.
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