Wall Street Rally Sustains, for Now

With about 90 minutes left on the trading day, the buying rally continues.

As of about 2:40 p.m., the Dow is up nearly 400 points, following a 778-point selloff yesterday.

The tech-heavy Nasdaq, which suffered its worst day yesterday since the 2000 tech bubble burst, is up more than 4 percent on the day, as is the S&P 500.

But it may not last if Capitol Hill doesn't keep moving forward on some version of the proposed $700 billion Wall Street rescue package.

Speaking on CNBC moments ago, Art Cashin, UBS director of floor operations on the exchange, said he "wasn't ready to get married" to this rally.

Earlier on CBNC, an investment adviser told viewers: "Hunker down. This rally is all about getting that bailout legislation passed. It won't last."

-- Frank Ahrens