1st December 2011
The Dow Jones Industrial Average (DJIA) fared extremely well yesterday (November 30th) rising by 490 points by the end of trading.
It closed up by 4.2 per cent at 12,045.68 points, after the Federal Reserve and another five US banks moved to offer aid to financial institutions damaged by the ongoing financial crisis in the eurozone.
Investors now feel this is sending the right message that the Fed has identified the problems and is taking steps to address them.
"The big deal is just saying they are going to be involved. It's not like they brought out the tank, they brought out the six-shooter," commented David Hefty, chief executive officer at Hefty Wealth Partners in Auburn.
It was the biggest daily gain for the exchange since March 2009.
Earlier this week, the Nasdaq also saw a promising shift in investor confidence, rising by more than three per cent on Tuesday.
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