Sorry Ken Lewis about what we said about you killing the bull! We take it back.
After getting whacked yesterday, and starting today sharply lower, stocks rebounded ending the day solidly higher. Both the S&P 500 and the NASDAQ gained over 2%, while the Dow added 126.72, closing at 7,968.45.
Financials were among the big winners, as all the big ones finished solidly higher.
What turned it around? Commenters are saying Geithner’s appearance on Capitol Hill, and comments how most banks are already adequately capitalised are what did it. Quite a change from a couple months ago when Geithner was perceived as being toxic to stocks.
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