Markets, Bank Stocks Soar

Update: With a couple hours to go before the close, the markets are now up up closer to 4%. This is even taking into account the fact that Geithner has been all over the media, which is usually a bad thing.

Original Post: On the day when Geithner first announced the non-details of his bank plan, the stock market began a hard tumble.

Today, as the government confirms that taxpayer money will be used to replenish bank coffers and help hedge funds make huge profits, stocks are soaring.

Each of the major indices are up over 3%, with the Dow back above 7500.

Banks in particular are going wild. Bank of America (BAC) is up 16%, Goldman Sachs is up 9%, back to $106, and Citigroup (C) is up 18% to $3.12.

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.