Stocks Rocket Higher, Dow Surges Nearly 900

U.S. stocks surged higher today as investors looked for bargains in beaten up stocks. The Dow jumped an incredible 889 points, or 10.9%, today, the second biggest point jump in history. The Nasdaq rallied 143 points, or 9.5%, and the S&P 500 rose 91 points or 10.8%. Today's consumer confidence reading of 38, the worst on record, did little to stop the massive buy interest, which started in foreign markets.

Today, the Federal Reserve started a two-day meeting on interest rates. Many expect the Fed to lower the fed funds rate another 50 bps to 1%.

Foreign stocks surged higher today following recent record losses. In Asia, the Hang Seng jumped 14.3% and the Nikkei 225 rose 6.4%. In Europe, the DAX rose 11.3%, the FTSE 100 rose 2% and the CAC 40 rose 1.6%.

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