Stock Market Rebounds, Biggest Gain In 7 Years
NEW YORK (CBS SF) -- The Dow Jones industrial average soared more than 600 points Wednesday, its biggest gain in seven years.
The climb follows a six-day losing streak blamed in part on unsettled conditions in China. The Dow had fallen about 1,900 points over that period, while the slump wiped out more than $2 trillion in corporate value.
The Dow climbed 619 points, or 4 percent on Wednesday.
The Standard & Poor's 500 index jumped 72 points, or 3.9 percent, to 1,940. That's the biggest gain for the index since November, 2011.
The Nasdaq composite surged 191 points, or 4.2 percent, to 4,697.
Google gained 7.8 percent, Amazon gained 7.38%, and Facebook gained 5.05%.
Treasury notes fell, pushing up the yield on the benchmark 10-year note to 2.18 percent from 2.07 percent on Tuesday.
Cameron International, a maker of equipment for the oil industry, jumped 41 percent after Schlumberger said it was buying the company in a cash-and-stock deal.