On the Rebound: Dow Closes Near 8,000

April 2, 2009— -- Markets around the globe -- in London, Paris, Frankfurt and New York -- all staged powerful rallies Thursday on hopeful signs that the world's biggest economies are committed to working together to end the global recession.

At the G-20 summit in London Thursday, world leaders agreed to infuse $1.1 trillion in loans and guarantees to help developing countries, as well as to enforce regulations on financial institutions -- all in the name of global economic recovery.

On the floor of the New York Stock Exchange Thursday, investors showed confidence in the news developments by buying stocks, sending the Dow Industrials above 8,000 for the first time in two months. The Dow settled just below -- closing at 7,978.08. Thursday's gain marked the best four-week rally since 1933.

Actions at the G-20 strengthened burgeoning optimism that government leaders are doing what's necessary to revive the global economy.

"When you get all of the world leaders together to discuss our global economic problem and there's good constructive comments that come out of it, it's clearly going to have a positive reaction to our market," said Jonathan Corpina, senior managing partner at Meridian Equity Partners.

The International Monetary Fund welcomed action by the G-20 leaders to pump a little over $1 trillion into global markets.

"The G20 leaders have today sent a powerful signal that the international community is committed to support these countries, including by ensuring that the IMF has the resources available," said IMF Managing Director Dominique Strauss-Khan.