After a 2,400-point decline over the last eight sessions, the Dow Jones industrial average was back up today – in a big way.
The Dow gained 936 points, a stunning reversal from the bear-driven collapse that cost investors some $2.4 trillion during trading last week.
So … is this a victory for the Bush bailout?
Hardly … after an unprecedented 22% sell-off, a bounce of some denomination was inevitable. Plus, the credit markets are still frozen (awaiting the government to swoop in a scoop up their worthless assets) and several negative earnings and employment reports loom on the horizon.
But hey, today was a little bit of good news for a change so we’re not going to “poo-poo” it too severely.
Stay tuned …