Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

8 of 8
BACKNEXT
Oct. 13 - Biggest gain ever stops 2,400-point slide
Oct. 13 - Biggest gain ever stops 2,400-point slide
Dow closed at: 9,387.61
Gain in points: 936.42
Percentage gain: 11.1%

The Dow rallied by as much as 976 points on Monday, Oct. 13, increasing market value by $1.2 trillion - the largest single-day paper gain ever. That cut in half the $2.4 trillion in market value lost in the 8-session slide from Oct. 1-10.

Stocks rallied after a series of global initiatives aimed at stymieing the credit crisis were announced over the preceding weekend. The market also soared after the Treasury Department's bailout point-man, Neel Kashkari, finally revealed some specifics about its $700 billion financial rescue plan.

In addition to buying up equity stakes in banks, and, eventually, mortgage-backed securities, Treasury said it would purchase whole mortgage loans, insure home loans against default and help keep delinquent borrowers in their homes. (The Treasury would eventually cancel its plan to buy up toxic assets on Nov. 12, sending the Dow down 411 points and leading to the 13th-biggest decline of the year.)

Investors cheered an emergency meeting held Sunday, Oct. 12, in which 15 European nations agreed to help their troubled banks by injecting capital and guaranteeing inter-bank lending. Additionally, the British government said it would pump $63 billion into three of the country's banks.

The U.S. Federal Reserve responded to the global effort by saying it would offer an unlimited supply of dollars to three other central banks in an effort to keep money flowing. The list eventually grew to 13 foreign central banks.

More galleries
Last updated December 29 2008: 2:39 PM ET
More Galleries
A White House press briefing as told by CNN's sketch artist The White House started banning cameras during some briefings, so CNN sent in sketch artist Bill Hennessy. More
The best gadgets for your next business trip Hotels often lack the resources business travelers need to work efficiently. But fear not: These six gadgets will turn any hotel room into a temporary office. More
Must-have gadgets for business travelers For many business travelers, commuting through airports and enduring flights is the worst part of any trip. Thankfully, these seven gadgets help make life on the road -- and in the air -- much easier. More

Special Offer