OVERSEAS : Stock Prices Soar in Tokyo

Stocks soared here to close with record one-day gains Tuesday as cheaper oil prices and government measures to support a flagging market boosted investor confidence.

The Nikkei index charted its largest single-day gain in both percentage and point terms after authorities Monday revealed steps to support a market that had plummeted for five straight days.

The key 225-share Nikkei index surged 2,676.55 points, or 13.24%, to 22,898.41, after plunging 761.64 on Monday.

“We’re looking at a market that has fallen from 500 to over 1,000 points every day for the past week,” said Daniel Marull, a trader at Sanyo Securities Ltd. “The market needed a rebound.”

By the close of the morning trading session today, the Nikkei was up an additional 331.16 points, or 1.45%.

Share prices also soared in Frankfurt, Germany, in busy trading as a series of positive factors brushed aside the worries about the Persian Gulf that have weighed on the market for weeks. Dealers reported strong buy orders. The U.S. budget news was the major factor in the sharp upturn.

The 30-share DAX index closed Tuesday at 1,444.89, up 24.16 points, or 1.74%.

Share prices also finished higher on the London Stock Exchange, but failed to sustain their best levels.

The Financial Times-Stock Exchange 100-share index closed up 27.7 points, or 1.4%, at 2,058.5.