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Stocks soar after government bailout of Citigroup on Yahoo! News

News Type: Event — Seeded on Mon Nov 24, 2008 4:31 PM EST
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NEW YORK – Wall Street barreled higher Monday for the second straight session, this time in a relief rally over the government's plan to bail out Citigroup Inc. — a move it hopes will help quiet some of the uncertainty hounding the financial sector and the overall economy. The Dow Jones industrials soared nearly 400 points and the major indexes all jumped more than 4.5 percent.
The advance gave the market its first two-day advance since Oct. 30-31. Although investors sensed last week that a rescue of Citigroup was forthcoming, investors nonetheless were heartened, even emboldened, by the U.S. government's decision late Sunday to invest $20 billion in Citigroup and guarantee $306 billion in risky assets.
Wall Street's enthusiasm surged not only because the bailout answered questions about Citigroup but also because many observers saw the move as offering as a model for how the government might carry out other bank stabilizations.
"This could be the template for saving the banks," said Scott Bleier, founder of market advisory service CreateCapital.com

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While the country is darning our socks they are stuffing their stocks...

That's the holiday spirit!

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Reply#1 - Mon Nov 24, 2008 4:33 PM EST
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