Wall Street roars with the biggest single-day stock rally since the Great Depression on Monday, spiking the Dow Jones industrials to a 936-point gain and finally offering relief from eight consecutive days of stock market carnage.
It's the day of the rise of Christ-topher Columbus roaring through the high and stormy seas finally accomplishing its plan of conquering the hot & spicy trade of the Oriental giants.
Buyers returned to the stock market with gusto, with some saying stocks had been driven down to fire-sale prices.
The radar screen is completely green across the board and there are greener pastures of arable lands ahead.
Monday was the Columbus Day holiday, and the U.S. bond markets and banks were closed, making it difficult to gauge the reaction of the credit markets to the measures taken by world governments.
Tracking the Dow on Monday,13/10/08 (CHRISTOPHER COLUMBUS DAY)
9:30am--300.0 points Gap-Up.Bulls.
Stocks futures and overseas markets rally as global governments work to ease the credit crisis.
10:30am:--Bullish inverted hammer spin.
Morgan Stanley (MS) and Mitsubishi Financial confirmed the closing of a $9 billion, or 21%, investment in MS. Abbott Laboratories (ABT) announced a $5 billion share repurchase program.
11:30am:--Bulls holding at session high.
Of note, General Electric (GE 21.02, -0.50) -- the second largest U.S. company by market capitalization behind Exxon Mobil (XOM 65.51, +3.15) -- has failed to participate in this session's rally.
12:30am:--New High session.
JPMorgan Chase (JPM 40.88, -0.76) and General Electric (GE 21.21, -0.29) are the only two companies listed in the Dow Jones Industrial Average failing to participate in the session's rally.
1:30pm:--Cautious bulls at trading high.
By percent gain, the best performing S&P 500 stocks are Morgan Stanley (MS 16.82, +7.14), up 73%, Genworth Financial (GNW 5.47, +1.97), up 56%, and Prudential Financial (PRU 47.77, +11.64), up 32%.
2:30pm:--Profit taking.
Tomorrow, some of the market's attention will turn to earnings, with Johnson & Johnson (JNJ 61.61, +5.76) and PepsiCo (PEP 60.81, +3.01) scheduled to report before the open.
3:30pm:--Bullish harami.
The major indices surge higher in broad-based buying interest. The ten sector's gains range from 5.8% (industrials) and 11.9% (telecom).
4:00pm:--Bulls spike.
Christopher Columbus-the sea viking has set sail on her Santa Maria to explore her trade opportunities around the globe this time injecting more liquidity in the cash-strap financial instituitions.