Stocks Rise Dow +938 Nasdaq + 194 S&P 500 +104 Largest 1 day Gain since 1987

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Wall Street makes stunning reversal from worst week ever. Dow, Nasdaq and S&P gain more than 11% after global crisis intervention.

Stocks rallied Monday afternoon, with the Dow up over 800 points during the session, as investors bet that the worst of the credit crisis is over, following a series of global initiatives announced over the last few days.

The Dow Jones industrial average (INDU) gained as much as 814 points and over 9% before pulling back a bit. The advance was the largest ever during a session on a point basis.

The Standard & Poor's 500 (SPX) index rose and the Nasdaq composite (COMP) both added over 10%.

Stocks were buoyant Monday as investors welcomed a global effort to unfreeze the credit market and get money flowing through the system again. Although stocks reacted positively, credit markets barely budged.

"We had some good news this morning from the Fed and the other central banks, but we were also oversold on an historic level and due for a big bounce," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.