Wall Street soars 11 percent on bank rescue and Morgan deal (Reuters)

By Kristina Cooke 7 minutes ago NEW YORK (Reuters) - Wall Street roared back from its worst week ever with one of its best single days ever on Monday, as governments pledged to pour cash into struggling banks to restore confidence in a rocky global financial system. Bargain-hunting investors scoured the wreckage from eight days of losses that had whacked more than 20 percent off the value of the benchmark S&P 500. Health care, utility and energy stocks rose the most in what was the first day of gains this month for the Dow and S&P 500. Morgan Stanley drove the rally in financial shares, soaring 87 percent, after Mitsubishi UFJ Financial Group completed its $9 billion investment in the U.S. bank as U.S. government support helped nail down a critical deal many investors had feared could fall apart. Wachovia climbed 13.6 percent... [read full story]