Stocks soar after government bailout of Citigroup
Wall Street has barreled higher for the second
straight session, this time in a relief rally over the government's
plan to bail out Citigroup Inc. The Dow Jones industrials soared
nearly 390 points, bringing their two-day advance to more than 880,
or 11 percent.
Investors are hoping the rescue of Citigroup will help lift some
of the uncertainty hounding the financial sector and the overall
economy. Many observers saw the move as offering a template for how
the government might carry out other bank stabilizations if they
are needed.
Still, the market remains wary, especially with the economy in a
serious downturn. The Dow was up more than 500 points in the last
hour before giving up some of its gains - many investors wanted to
take some money off the table before the next bit of bad news
arrives.