Market Goes Nuts For Geithner Bank Plan

f?id=49c7ea02796c7a0a00f286a6&maxX=326&m

Apparently, the markets really liked the details of the new toxic assets scheme. Or something. Perhaps there was just more aggressive bidding than selling today.

The Dow rallied 495 points, which is a huge move of over 6%. The index closed over 7700. The NASDAQ meanwhile also gained about 7%, adding 98.50 points to close over 1555.77.

Not surprisingly, all the banks were in rally mode, with each of the big ones gaining over 10%.

So, are you convinced yet?

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.