The Dow climbed 5.8% today, closing at 6926.49, joined by gains in both the Nasdaq and S&P 500 markets. This is the biggest one day bounce in over three months. If you bought Citigroup (C) at yesterday’s close of $0.97, hurray for you – now go celebrate with a Twinkie or cup of Starbucks coffee (they rose almost 10.5% today). Citigroup rose over 38% to close at $1.45. The rise was fairly broad, with gains in a large amount of sectors. D R Horton (DHI), the home building company, rose about 14.6%, and Best Buy (BBY) closed 13.5% up to $28.07.
Meanwhile, one of the banks largest problems, Mark-to-Market accounting rules, is staying in place according to the SEC.
Of course, if you bought Citigroup last year at $20 thinking it was a bargain…you might just want to hold off on the Twinkie…you probably need the money.