DOW JONES CLOSES UP 416 POINTS -- Biggest SIngle Day Gain In FIVE Years!

It looked like the market was going to tank 500-600 points this morning before the bell, with oil at $109 per barrel in the 8AM hour. Then the Fed took measures to inject some liquidity into the credit market by pumping $200 billion into the banking system. And although many measures have been taken this year to try and remedy the volatile stock market -- this measure actually instilled some confidence on Wall Street. I REPEAT...BE VERY CAUTIOUS OF ANY LONG TERM RALLIES...but have fun while it lasts. (Just keep your eye on the ball.)

The result...the Dow Jones closed at 12156, up 416 points (up 3.5%), and many financial products went through the roof. Biggest one day gain since July 2002.)

Here's the LA Daily Blog.com NEWS WIRE to help break it all down. A lot of short covering today. The Fed took this measure today to help ease the credit market (credit crunch). Some believe this measure will most certainly replace any upcoming Fed rate cut (or keep any rate cut a lower one) now that inflation has staked it's claim in the global market with oil at $108.75 (4PM EST 3/11/08) and commodities at record levels.




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