DOW SOARS 75.23, BIGGEST ONE-DAY RISE IN HISTORY : Snaps Back After Five Down Days

From Reuters

The stock market, turning suddenly bullish after five straight setbacks, soared a record 75.23 points today in its biggest-ever one-day point gain on the Dow Jones industrial average.

A strong bond market and a steady dollar helped to trigger bargain hunting in the recently battered market. Oil and technology stocks led the way.

The market reclaimed some of the 120 points it had given up in five successive losses through Monday, closing at 2,568.05, according to early, unofficial tabulations.


The gain tops a 69.9-point climb on April 3 this year as the biggest one-day rise ever.

New York Stock Exchange volume was about 209.51 million shares compared with 170.07 million shares Monday.

The rally began at about midday when the market had extended its recent decline into a sixth session, falling as low as 2,477 in early trading. From the low, it snapped back 90 points in a heavy buying spree by institutions and market professionals, traders said.

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