Update: Remarkable. The Dow is up 936.42 points.
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Update: The Dow keeps soaring. It’s currently up almost 10% — a gain of over 825 points. Markets close in 5 minutes.

Stocks are rebounding today, with the Dow Jones Industrial Average up more than 8% or 700+ points 9% or 820+ points(Updated). The upward move comes after news that the government will take additional steps to back the global banking system, with the Treasury planning to buy stock in some banks.


What does this mean politically? Well, any good news from Wall Street is good news for McCain. He was doing pretty well gaining on Obama until the market took a fast downward turn. The incumbent party will get blamed for the financial crisis, regardless of the fact that it was the Democrats (by the admission of even President Clinton) who blocked the necessary reforms of Fannie and Freddie. Should be interesting.