Dow Jones closes up nearly 900 points

October 28, 2008 2:51:55 PM PDT
It's been another astounding day on Wall Street, with the Dow Jones industrials soaring nearly 900 points as investors scooped up stocks that were pounded lower in recent sessions. Analysts said some investors were buying in anticipation that the Federal Reserve will cut its fed funds rate by half a point to 1 percent on Wednesday.

Others said the market had just fallen too far, with the Dow having dropped more than 500 points, the previous two trading days.

Still, the day was remarkable because investors brushed off a big drop in consumer confidence reported by the Conference Board.

The Dow is up about 889 points at the 9,065 level. That was its second-largest point gain, coming after the 936 points the Dow jumped on Oct. 13.

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