The big gain came after Bush administration is currently working on plan to get loans moving again. The Dow gained more than 11 percent, its biggest one-day rally since 1933. Everywhere you looked today it showed gains, all you can see today was green screen with almost every stock moving up. NASDAQ composite index moved higher by 195 points, or nearly 12 percent, the Standard and Poor's 500, rose 104 points.

Central banks are working together to ease crises on Wall Street where Europe's central banks said they would lend commercial banks as much money as they would need. This news eased money market rates and Dow Jones jumped on the news along with government announcing further steps to support the global banking system.

Volatile trading is expected as investors are still concerned about banking and overall economy. Bush administration said it is moving quickly to implement $700 billion plan, even consulting with law firms about how to buy out shares of banks.

With the good news on Wall Street, three-month LIBOR fell. Neel Kashkari, the assistant Treasury secretary who is head of the $700 billion bailout plan said in speech that officials were developing guidelines to purchase bad mortgage assets from banks.

Kashkari announced that more than 100 companies had submitted bids to become one of the five to 10 firms that will operate the program to buy and manage the bad assets from financial firms.

Fed offered assistance to European banks as it was taking actions to assure enough U.S. dollar funds. European government said they are putting nearly $2 trillion to help out with banking system.

Wall Street has still plenty to worry about, from housing prices that may decline even further to job looses that are cutting on spending.

It was also too soon to say for sure whether lending was finally loosening up. The Bank of England said it would use up to $63 billion to help the three largest British banks strengthen their balance sheets.

Government is currently investing 250 billion in possibly thousands of banks. The planned buyout is between U.S. Treasury, Federal Reserve and Federal Deposit Insurance Corp. The FDIC will insure all non-interest paying bank deposits and new preferred debt issued by banks. The new proposal will provide a faster relief for banks and allow banks to lend again or even re-write their credit guidelines.

So what comes next is a big question. Are we going to face poor economy? Housing prices needs to stabilize before we can call of recession and this may take time. Even with a big bill from Congress it will added up to taxpayers. More people nowadays lost their savings, lost jobs and until most of us can return to our normal lives, it all will take longer time. As of right now, most of us will cut on spending to save more.