CNBC's, Mary Thompson  - Wall Street chalked up its biggest one-day percentage gain in over five years this following the Fed’s latest effort to ease credit crunch. The rally comes in the phase where we are in another record close for oil. The Dow finished up 416 points at 12,157 the S&P 500 was 47 and the Nasdaq added 86.

The Fed of Reserve is pumping USD 200 billion into the nation’s financial systems lending treasuries to banks and taking debt including mortgage-backed securities as collateral. This news triggered big gains on Wall Street; the gains were led by financial stocks.

Housing stocks also rallied despite luxury builder Toll Brothers warning it could lose money if partners and joint ventures don’t honour their financial commitments, while the CEO of a rival builder Hovnanian said the housing market has yet. 
 
Wall Street action:

• US mkts rally more than 3%; biggest advance since Oct 2002
• Crude rises to record $ 109.72/bbl
• Dow up 416 pts at 12,157, S&P 500 rises 47 pts & Nasdaq gains 86 pts
• Fed to pump in $ 200 bn into credit market
• Mkt surge led by financials after a liquidity boost by the Fed
• Housing stocks rally as well