Independent, Fee-Only Financial Advisor
Monday, May 10, 2010
Stocks posted their biggest one-day gain in more than a year, boosted by a nearly $1 trillion bailout package to stem Europe's credit crisis. The jump in U.S. Stocks followed strong gains in the Asian and European markets after the European Union agreed to the enormous bailout package. Optimism that global growth is back on track sent industrials rising. Cummins, which makes diesel engines and automotive parts, soared 10.4%, while building-products maker Masco jumped 10.8%. Regulators and exchange officials met in Washington today to further discuss what caused last week's sudden 1,000-point intraday plunge in the Dow and what rule changes might prevent such incidents in the future. The exchanges also took precautions Monday to make sure the market operated smoothly after futures surged strongly earlier in the morning. In other markets, the U.S. dollar index fell against the euro. DJIA +404.71 Nasdaq +109.03 S&P 500 +48.85.