NEW YORK (CNNMoney.com) -- Stocks rallied Monday afternoon, with the Dow rallying 976 points during the session, as investors bet that the worst of the credit crisis is over, following a series of global initiatives announced over the last few days.

The Dow Jones industrial average (INDU) ended 936 points higher, after having risen as much as 976 points during the session. The advance was the largest ever during a session on a point basis. The point gain was equal to 11.1%, the best one-day percentage gain since Sept. 1932 and the fifth-best ever.

The Standard & Poor's 500 (SPX) index added 104 points, its best one-day point gain ever, equal to 11.6%.That was also the best percentage gain since Sept. 1932 and the fourth-best overall.

The Nasdaq composite (COMP) added almost 195 points, the 10th best day on a point basis. The gain of 11.8% was its second-best ever, after a gain of 14.2% on Jan. 3, 2001, right near the end of the tech bubble.

Stocks were buoyant Monday as investors welcomed a global effort to unfreeze the credit market and get money flowing through the system again. Although stocks reacted positively, credit markets barely budged.

"We had some good news this morning from the Fed and the other central banks, but we were also oversold on an historic level and due for a big bounce," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

Monday's rally increased market value by $1.2 trillion, the largest single-day paper value gain ever according to an advance in the Dow Jones Wilshire 5000, the broadest measure of the stock market. That cut in half the $2.4 trillion in market value the Wilshire lost in the recent 8-session bloodletting.

Last week was the Dow's worst ever, ending a stunning eight-session selloff that seared 2,400 points off the blue-chip indicator. That represented a 22% decline in the Dow, something not seen since at least the '30s.

What has changed over the past week that investors all of the sudden believe in the $700 Billion Bailout and the effect it will have on our market? News of Global collaboration in the economic markets gave Wall Street a reason to believe in the "Free Falling" market. Record low's and now a record high have been dominating global media over the last few weeks.

Whether or not credit markets will start opening up to borrowers without impeccable credit records, remains to be seen. Banks have been the hardest hit and the backlash of the credit crunch may last longer than anticipated. Although there has been tough news about the credit markets, opportunities have opened up in the wake of the foreclosure crunch. Even in tough economic times, savvy investors will find a way to make money.