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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Market Sustains Rally, Dow Closes Up 200

The Dow closed off its highs of today but managed to sustain a daylong rally, hitting the closing bell up 196.89 points to finish at 11,022.06, a gain of nearly 2 percent.

The Nasdaq closed up nearly 1.5 percent and the S&P 500 closed up nearly 2 percent.

The Dow shot out of the gates at the opening bell, rising 100 points in a matter of minutes, eventually topping 300 after lunch. The Dow dove a bit on afternoon news that the $700 billion Wall Street bailout would come in installments, rather than all at once. But the Dow recovered by close.

Today's trading was in stark contrast to yesterday's, which was nearly stagnant as Wall Street sat and waited to see what Capitol Hill was going to do. Wall Street was so quiet yesterday, if it had been a movie, the sound effect would have been crickets chirping.

But not today, as Fed Chairman Ben Bernanke's assertion yesterday -- that the current crisis is as much about psychology as anything else -- seemed borne out by the day's rally.

By Frank Ahrens  |  September 25, 2008; 4:28 PM ET
Categories:  The Ticker  
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McCain polarized the situation by inserting himself in talks about economic and banking issues about which he admittedly is not expert in and so far he has had nothing to contribute.

The idea that these candidates can “suspend” their campaigns 40 days before the election is moronic. We need to judge how they think under pressure and formulate a plan for our nation''s future.

McCain has slowed down, frustrated and aggravated this dire problem by putting his ego and misplaced sense of duty above the needs of our country. If that was not his intent, then he surely lacked good judgement.

Obama’s assessment of how presidential politics could be divisive was correct, as was his request that he and McCain issue a joint statement agreeing to be supportive of a bipartisan solution. He is also correct in wanting the debate to go forward. Although he may not have come up with an instant solution (gee, who has?), at least he showed a reasoned sense of responsiblity and did not grand stand at the expense of making things more complex than they already are.


Posted by: Madeleine | September 26, 1908 11:46 AM | Report abuse

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