Stocks staged a stunning intraday turnaround, with the Dow trading above 8700, having traded briefly below 8,000 earlier in the day. The 8,000 level will now take on sacrosanct, mythic status on Wall Street, so watch pundits and floor guys to focus on it obsessively over the coming days, either until we blast right through it (on the downside) or rally so hard that it becomes a distant memory. As for the other indices, the S&P spiked nearly 7% — ending 11% higher than its lows.
One company not participating in the rally today: Citigroup, which ended down 2%. They are the sick man of the market, and the fact that they’re not participating in anyway in this broad-based rally is pretty frightening.
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