Markets Soar On Treasury's Toxic Tactics

Wall Street was much happier with the Obama administration's plans for dealing with toxic assets and sent the markets soaring: The Dow closed up 497 points (6.84%) to end at 7775 points; the S&P 500 rose 7.08%; and the Nasdaq climbed 6.76%. One "market pro" told CNBC, "You cannot fight this intervention. When you start to see the market just climb after weeks and months of being sold out, you have to participate," while Fusion IQ's Barry Ritholtz told the NY Times, "This is a free money rally. Traders like the fact that there’s a boatload of cash headed their way.”