Stock markets rallied around the globe today as investors cheered the federal government's far-reaching plan to shore up the U.S. financial system and crack down on speculators who seek to profit from falling stock prices.
The Dow Jones industrial average gained 368.75 points, or 3.4%, to 11,388.44 on hopes that the financial crisis that began in the U.S. housing market and has steadily spread around the globe may be abating. At one point the Dow was up as much as 464 points.
Investors "are breathing a sigh of relief because there is now a concerted effort to make sure the financial markets stay open for business and function effectively (*italics mine), which they have not been doing," said Alan Gayle, senior investment strategist at Ridgeworth Investments in Richmond, Va.
*Repeat after me: Privatize the profit/Socialize the risk.
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