Citi Bailout Kick-Starts Wall Street
Markets opened up this morning following the weekend news of the federal $20 billion buy-in to Citi, a move aimed at rescuing the struggling financial giant.
Another rally point: News that President-elect Barack Obama and Congressional Democrats are working up a $700 billion stimulus package (yes, that's in addition to the $700 billion Wall Street rescue/bailout plan already approved by Congress), the likes of which have not been seen since the New Deal.
Consequently, the Dow opened up sharply, maintaining Friday's Tim Geithner rally, and is trading up 97 points, or about 1.2 percent, in the first 20 minutes of the day.
The S&P 500 is up 1.6 percent and the Nasdaq is up 1.3 percent.
It's a short trading week with the Thanksgiving holiday, so one way to look at things: There are only three days to expose the markets and your 401(k) to massive losses, instead of five.
Plenty of news today: Housing data coming out shortly and President Bush will meet with Treasury Secretary Hank Paulson at 10 a.m., with a statement following.
As always, check back here frequently.
-- Frank Ahrens
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