US stocks racked up their best one-day gain in over a year yesterday as an agreement on a $1 trillion (£645bn) emergency rescue package from the EU quelled fears a new credit crisis would derail European economies.
The bailout fund approved by European leaders yesterday drove the S&P 500 to its highest opening jump on record as indexes rushed back into positive territory for the year after last week’s sharp slide.
The S&P Financial index climbed 5.6 per cent and was the top percentage gainer among S&P sectors.
The Dow Jones industrial average gained 404.71 points, or 3.90 per cent, to 10,785.14. The Standard & Poor’s 500 Index rose 48.85 points, or 4.40 per cent, to 1,159.73. The Nasdaq Composite Index added 109.03 points, or 4.81 per cent, to 2,374.67.
About 12.49bn shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, compared with last year’s estimated daily average of 9.65bn.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 19 to one.