Stocks soar after government bailout of Citigroup

November 24, 2008 12:00:00 AM PST
Wall Street has barreled higher for the second straight session, this time in a relief rally over the government's plan to bail out Citigroup Inc. The Dow Jones industrials soared nearly 390 points, bringing their two-day advance to more than 880, or 11 percent. Investors are hoping the rescue of Citigroup will help lift some of the uncertainty hounding the financial sector and the overall economy. Many observers saw the move as offering a template for how the government might carry out other bank stabilizations if they are needed.

Still, the market remains wary, especially with the economy in a serious downturn. The Dow was up more than 500 points in the last hour before giving up some of its gains -- many investors wanted to take some money off the table before the next bit of bad news arrives.



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