Two cornell professors have developed a stock market statistical model that was able to predict the "flash crash" on May 6 and may be able to prevent future crashes.

NEW YORK (AP) — Wall Street stormed back after its worst week ever and staged the biggest single-day stock rally since the Great Depression on Monday, catapulting the Dow Jones industrials to a 936-point gain and finally offering relief from eight consecutive days of stock market carnage.

While no one was saying the worst was over for the staggering financial system or troubled economy, buyers returned to the stock market with gusto, with some saying stocks had been driven down to fire-sale prices.

NEW YORK (AP) — A stampede of selling that began in the waning minutes of trading on Wall Street spread to Asia on Friday, deepening a financial crisis that has defied all efforts to stop it.

Thursday's anniversary of the stock market peak turned into one of the worst days in Wall Street history, with the Dow Jones industrials loosing a breathtaking 679 points.

U.S. stocks lost more than 7 percent, $872 billion of investments evaporated, and the Dow fell to 8,579. When the average crashed through the 9,000 level for the first time in five years in the final hour of trading, sellers had only begun to hit the gas pedal.

With Congress’ refusal to pass the $700 billion financial bailout bill, the government has yet to come to the rescue of Wall Street.

The failed legislation aimed to help banks by buying up their bad mortgages so that the banks would be more inclined to lend. Many financial firms instructed their employees to lobby to their politicians to pass a solution that would improve their economic condition. As a result of Congress’ failure to pass legislation to alleviate the situation, the Dow Jones industrials had its worst day in two decades, dropping 777 points.

Leaders of the financial market were livid with the government’s decision. Since the immediate effect was drastic, long-term effects of the government’s inaction could be devastating.