A huge one-day stock rally lifted Hawaii-linked companies, but the gains were already unwinding by the next morning, so investors shouldn't assume it's a lasting trend.

• The Dow jumped 3% in a single session, dragging Hawaiian Electric, Bank of Hawaii (First Hawaiian), and Central Pacific Bank up along with it.
• Alaska Air Group, parent of Hawaiian Airlines, jumped more than 8% on hopes that jet fuel will get cheaper.
• Hotel and cruise stocks did well too — Marriott, Hilton, and Norwegian Cruise Line all rose on the same optimism.
• Not everyone benefited: Par Pacific, which owns Hawaii's only oil refinery, and shipper Matson both fell, since cheaper fuel and weaker shipping demand hurt their business.
• The rally didn't last — the Dow gave back almost all of its 1,500-point gain the very next morning, suggesting different investors were buying and selling.

Outlook: The sharp reversal signals the market is still shaky, so further big swings are likely in the near term.