Easy Now--the Fat Lady Has Not Yet Sung
A Market Rebound for the Record Books 11% Surge Reflects Growing Confidence in Global Crisis Response
By Renae Merle Washington Post Staff Writer Tuesday, October 14, 2008; D01
Wall Street roared back yesterday, rebounding from last week's dismal performance with its largest rally in 70 years and revealing renewed confidence in U.S. and global efforts to combat the financial crisis.
After finishing the worst week in its more than 100-year history, the Dow Jones industrial average blew past several milestones, closing up 11.08 percent, or 936.42 points, at 9387.61. It was the fifth-largest rally in history on a percentage basis and the largest since the Great Depression. It was also, by far, the Dow's largest point gain, and it snapped an eight-day losing streak fueled by deepening concerns of a global recession. Most of last week's historic 18 percent loss was wiped out.
Ah, yes. The stock market is, …