Well look at that:
Trading on Wall Street settled into a pattern Monday afternoon after shares surged almost 5 percent at the open.
Major indexes were still 3 to 4 percent higher in afternoon trading, the increase coming after European leaders and major central banks announced an array of emergency lending measures aimed at easing the sovereign debt crisis.
“There is this collective sigh of relief,” said Alan Gayle, the senior investment strategist for RidgeWorth Capital Management. “There is a clear rally going on in the financials. A lot of the credit risk has been relieved.”
A nearly $1 trillion financial support package from the European Union and the International Monetary Fund came just ahead of a pledge by the European Central Bank to intervene in the bond markets.
For traders, it was a time to reset portfolios and absorb the new measures. Market strategists held conference calls with institutional investors, investment analysts lined up meetings, the financial sector rallied and market indexes jumped.
Wall Street loves a bailout! That way no one has to admit they screwed up, we can go back to business as usual with the casino still open and big bonuses for everyone and even enough piles of cash lying around to swarm DC with lobbyists to kill financial reform.