The Dow is up almost 400 points this morning on news of the 750 billion euro rescue plan for the European financial system. In his morning briefing, Ed Yardeni characterized the plan as Euro-TARP. The stronger EU countries will provide loans and liquidity to the weaker EU nations in order to buy time for them to get their budget deficits under control.
The financial sector in France rallied 19% which is an indication of how exposed the French banks were to the problems in Greece.
