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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Dow Closes With 11 Percent Gain

Wall Street put on a furious -- and, for a change, sustained -- rally today, as the Dow enjoyed its biggest one-day point climb ever.

Remember that study that came out earlier today, saying consumer confidence is at its lowest level ever?

Yeah, neither does Wall Street.

The Dow closed up 889.35 points, or 10.9 percent and even managed to crack the 9,000 barrier, finishing at 9,065.12 points.

The S&P 500 closed up 10.8 percent and the Nasdaq closed up 9.5 percent.

What happened?

Wall Street may be anticipating a Fed rate cut tomorrow.

Or, the government's commercial paper program may be starting to take effect, helping companies with short-term loans. The LIBOR rates are lowering, suggesting that credit is starting to flow again.

Or, it could be seasonal: The six months from November to April have traditionally been more bullish than the other six months of the year.

-- Frank Ahrens

By Frank Ahrens  |  October 28, 2008; 4:09 PM ET
Categories:  The Ticker  
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