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TSX, Dow Jones make huge triple-digit gainsUpdated Tue. Oct. 28 2008 4:27 PM ET CTV.ca News Staff The Toronto Stock Exchange finished up 614 points Monday, while the Dow Jones soared nearly 890 points, largely driven by bargain hunters and a possible interest rate cut by the U.S. Federal Reserve. After the closing bell rang, the S&P/TSX composite index was up 614.29 points, or 7.2 per cent, to finish at 9,151.63 points. The index had plummeted more than eight per cent the previous day. In New York, the Dow Jones industrial average was up an impressive 889.67 points to close at 9,065.44. ""That's up more than 10 per cent, the second-biggest percentage-point gain in Wall Street history,"" BNN's Michael Hainsworth told CTV Newsnet. ""Why? Bargain hunting. Investors were buying some of those beaten-down blue chip stocks."" Meanwhile, the U.S. central bank is expected to announce another interest rate cut Wednesday. Earlier this month, it already dropped its target rate to 1.5 per cent from 2 per cent. The Canadian dollar was up slightly at 78 cents US from 77.59 cents US on Monday. Those low levels haven't been seen in about four years, as the loonie is held down by falling commodity prices and a stronger U.S. greenback. The early morning North American surge came after investors made solid gains in overseas markets. In London, Britain's FTSE 100 rose 2.61 per cent, Germany's DAX index jumped 11.28 per cent, and France's CAC-40 rose 1.38 per cent. Earlier, most Asian stock markets made gains after suffering steep declines in recent days. Hong Kong's Hang Seng index rose 14.4 per cent -- its biggest gain in 11 years -- to 12,596.29. On Monday, the Hang Seng plunged more than 12 per cent. South Korea's Kospi jumped 5.6 per cent, helped along by the South Korean central bank's interest rate cut on Monday. In Japan, the benchmark Nikkei 225 index surged 459.02 points, or 6.4 per cent, to 7,621.92 after closing Monday at its lowest point in 26 years. With files from The Canadian Press Please Add Comments(19) Will The rise of the yen and US$, at least in the past week or so, is due to a short-term unique situation. People are buying yen and US$ to cover their positions, especially the yen since Japan had unbelievable interest rates (0.5%) for a long while (which contributed to the debt orgy). Let's hope that there won't be any overreaction by governments that would compound the problems futher... Let the games begin. The atmosphere of intrigue and betrayal is growing throughout the world. A lot of people are wondering how the next President and Congress are going to get the viscous tax grab back from the crooked owners of the Federal Reserve? People are working it all out according to one fox-clever plan or another. The master manipulators behind the scenes don't know what they are doing. This is all too much. We are on the verge of breakdown, chaos and the biggest violation of human rights in the history of the world! The ""Nanny mentality"" doesn't work The people of the United States missed their greatest opportunity when they chose to overlook Ron Paul's platform which would have nationalized the Federal Reserve Bank (Private to public). That initiative alone would have taken back America from the ""players"". However, the public would rather be fed BS and kept in the dark rather than face truth and fight for what is right. The western world has become a nanny state always expecting Big Brother to care for them and demanding so. Big Brother is allowing the fleecing of these stock markets each day through hedge funds and shorting and naked shorting. They are stealing the wealth of the nation and shifting it into their hands. Sherry Attention people ... don't be fooled by todays anticipated rise in the markets. The players have found another way to screw the average jane by making tons of money on these large ups in the market. It's us regular folk that get gypped when they sell it back to us the next day. Buy gold and silver (if you can find it) as that's real money. Alex Sz Sherry, there is NOT ENOUGH gold and silver to be real money. You gold bugs just don't get it. There are 6 billion people on this planet and if you give each one of them 1 gold coin, there would not be enough. Work with the system instead of going back. Besides, worst case senario, gold would become illegal to own ... Steve-Montreal Me thinks some people are looking to short... fitzz I would be quite content with a Canadian dollar which is worth somewhere near a buck. I'm more than a little suspicious of those enterprises who seek salvation in a drastically devalued Canadian currency and the governments which abet such foolishness. Anyone remember the 66 cent loonie? George One day the market is up and the next it is down. Very regular pattern; almost like a clock. People buy on the down day and sell on the next day. Guess what people are making millions while most sit by continually moaning and croaning. Many could get into the market right now with a minimum expenditure and using one of the online trading systems. Take 500 bucks and turn it into a 1000 bucks; you can do it. Don't be a bystander; be a player! The answer Make shorting of stocks illegal. Ron up dwn up down, i for one am tired and the mdi loves it, doom and gloom doom and gloom, we will come out of it, just hang in there, once we stop talking about doom and gloom, maybe people will spend some money otherwise recession is a for gone conclusion. Relax your RRSP will come back just will take some time Rob I've made a mint in the last day, all on the Forex market!! Great deals to be made for those in the know! Ryan Come 3:00 it'll dive. It'll then be up the next morning. Shortselling perhaps? We've seen this for weeks... Rebecca Buy silver or gold and when 'the owners' introduce the amero, commodities will skyrocket. I'd rather get out of the way of the stock market tumble than be under the direct crash. The choice is yours, and Alex Sz.....you just stand right there. KC Interesting how people were fooled into buying gold & only found that gold prices sunk & they lost even more money. Interesting how others were told to keep buying stocks only to see their money evaporate. Listen, this is NOT normal times. The middle class jobs are evaporating & who in the world is gonna sell you a loaf of bred with gold coins anyway? Especially gold coins that are starting to sink in value?? Pay off your debts & don't buy into this nonsense. Remember misery loves company. alex sz Thanks Rebecca, What they cut out of my statement is that the government will not only make gold illegal to own, but they will come get it from you. This was done in Europe in the 30/40s. This was done in the US as well. Gold by all measures (Supply/Demand) should be $2000 to $3000 US an ounce. Basic supply and demand. However, gold bugs think economies should be based on gold, but that would be even more disasterous. Not every country has it in the ground and it would cause wars over a commodity that in the grand scheme, is only a commodity that isn't used for anything except electronics, jewelry and other industrial applications. Therefor, fiat currency was created based on a country's productivity. Once you realize that, and yes, the markets/currencies change, the quicker you become part of the solution and not the cause of the problem. ie FEAR Rebecca Thanks Alex. I already have bread stockpiled, along with bread making supplies stockpiled so I will not be standing in any bread line. Silver is of legitimate value. The commodity prices are being artificially held down to prop up the US dollar - that fact came from my local independent coin dealer, not any media station. FYI - The US government has already made their first payment to the Chinese gov't for their debts in $800 billion AMEROS. Google it, it's there should you want to find out. Silver may be my only option for paying rent should the economy fail and I lose my job. It's not my fault our current system still relies on a faulty fiat system when I can have a substance of actual wealth. Stand out of the way or get pummeled. It's your choice. I've already seen this scenerio coming along time ago, so I don't sit in fear and condemn other people for getting prepared. I take control and advise others to do the same so THEY don't get pummeled. Like I said, you may stand just where you are. Stubborn and unteachable. James Since it's highs of slightly over 1500 this summer the TSX has lost around 48% of it's value to date. The Dow has lost over 33% of it's value in that same time. There has been a steady decline, with a more marked decline in Oct thanks to the dramatic banking/insurance meltdowns in Sept. Those of you who say that the ups and downs of the market are to be expected are fooling yourself as well as others. The losses seen in today's markets rival and sometime surpass what happened on Wall Street prior to the Great Depression. Granted, the Crash of 1929 and the Crash of 2008 had different causes, the results are and will be the same; prolonged decreased or slower world wide economic growth, high unemployment, loss of savings and social upheaval. To the people who say that I and others like me are full of doom and gloom I say too bad! I would rather alert people to the new reality of our economic situation. The markets will not correct themselves overnight. Only profound and dramatic shifts in the global economies will lessen the pain of the crash. It is time to start thinking of how you want to survive and contribute to a ""New World Order."" The ""Old World Order"" has been flushed! KJ in Kingston Ontario The real damage from this month is on down the road ahead -- when people who would have had a fairly comfortable level of retirement income now find it's about half what they anticipated or will need to maintain their current lifestyle. Then the consumer and service sector businesses (travel, restaurants, vehicles, recreation etc.) will have to deal with customers having half as much money to spend and who are focused mainly on the ""core essentials"". Norm in NB How does the US buck stay strong with a trillion dollar debt and a collapsing banking system?
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