Today was an excellent day for stocks. The Dow soared 497.48 points to close at 7775.86. Over the last 10 sessions, the Dow has added 1228 points.
Obviously Wall Street is pleased with tim Geithner’s Bank Plan. I think a lot of investors were just looking for an excuse to buy. The market was strong pretty much across the board. I was happy to see that the market rallied into the close.
The market was also helped by a surprisingly strong report on existing home sales. The National Association of Realtors reported that sales of existing homes rose 5.1% from last month. This was more than economists were expecting.
The trend seems to indicate that people are buying homes but the price needs to come down. Over the past year, the median existing-home price has dropped from $195,800 to $165,400.