Wall Street soars

by The Associated Press

Huge increases in the price of gasoline and home heating oil catapulted wholesale prices up by 1 percent in February — the biggest one-month surge in nearly a decade. The worrisome jump in inflation didn’t faze Wall Street, however, as bargain hunters sent the Dow Jones industrial average soaring to its biggest one-day point gain in history.

The Dow rose 499.19 points, or 4.9 percent, to close at 10,630.60. On the heels of March 15’s 320-point gain, the rally helped the Dow gain back a stunning 42 percent of the losses recorded since it peaked at 11,722.98 on Jan. 14.