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Good morning, it's 8:00 on the east coast as you take a live look at new york city. welcome back to "morning joe." back with us onset, dr. jeffrey sacks and jim cramer. the big headline this morning, some optimism this morning on seventh largest gain of all-time. markets surged yesterday, wiping out last week's slump. the dow left 490 points, capping a 7% gain over the last three days. wednesday's session was the best showing in more than two years. investors are boosted by a joint effort between the federal reserve and other central banks to offer emergency loans to lower the cost of borrowin...

And it has brought the situation to a near catastrophe. >> okay. >> you know what's interesting? i think we're ten days away or two weeks because the next step from deciding the next president of the united states. very simply, what also happened yesterday with that 490 spike, there were a lot of good little u.s. economic numbers that came out yesterday in terms of unemployment, in terms of housing. basically two weeks from now, the central banks acting like a central bank. and in the combination of the glimmers of hope, the stock market and economy are going to start to take off. if that happ...

Eradicated here. >> this is what people remember penn state for. it's just such a stain on the reputation. >> see if they can dig their way out. it will take time for sure. we'll switch gears to the financial news this morning. if you have any money in the stock market, well, you got wealthier in the last 24 hours. the rally isn't over just yet. asian markets have been soaring overnight, some more than 5%. all of the buying is in reaction to a move by asian banks to lower borrowing costs. banks worldwide also united to make changes to prevent a european economic meltdown. that same action se...

Good story. before all of that, the soaring stocks. asian traders have taken up where wall street left off. overseas this morning they're in a serious buying mood. >> markets in tokyo, seoul, hong kong along with all the other major asian exchanges have been soaring in overnight trading. some of the averages climbed more than 5%. >> so nice to have good economic news. yes, the worldwide rally. started on wall street yesterday. the dow climbing 490 points. that's its biggest points gain since way back in march 2009. abc's dan harris tells us why stocks are now headed to the stratosphere. >> r...

Tell you that that has an economic impact because people spend that money. a lot of it goes to gasoline and grocery stores. either it will be a consensus in the weeks forward that both of these things will help the economy and the question about the debt reduction that the republicans said all along will also be very much in the public eye. >> thank you very much, luke. great report. we are watching wall street. stocks are lower after yesterday's huge gains. the dow is down just aç pinch d the dow surged 490 points yesterday. it was the best day in 2 1/2 years and that rally was triggered by...