Dow Surges 500 Points as Geithner Unveils Toxic Asset Plan

Dow Surges 500 Points as Geithner Unveils Toxic Asset Plan

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business-graphic-up.gifTim Geithner went from zero to hero in a matter of just a few days. Last week, people were calling for the Treasury Secretary’s head in the wake of an AIG bonus report. But now that he has finally unveiled the public-private partnership plan to buy up toxic assets from banks, the Dow surged nearly 500 points today, a gain of 6.8%, and stocks around the globe soared on the news.

“It’s a buying stampede,” said Jeffrey Saut, chief investment strategist for Raymond James Financial. Saut thinks that it’s now possible that the market hit bottom earlier this month.

(Read more at CNNMoney.com)

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