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.
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Posted by: Madeleine | September 26, 2008 11:46 AM
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