Dow Jumps 889 Points on Bad News

It's hard to figure what else caused the giant rally today.

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Hey, a good day!

It's not clear what caused the absolutely giant rally today, and I'll knock on wood rather than second-guess the tape for what tomorrow might bring. Whatever the reason, the Dow is up 889 points—almost 11 percent—for its second-best day ever, and the Nasdaq jumps almost 9 percent.

Beaten-up names like Home Depot (it rose 14 percent) and Boeing (up more than 15 percent), which made progress in its ongoing machinists strike, had great days.

At the same time, all the economic news was pretty dismal:

Consumer confidence hit its all-time low.

Home prices dropped for a 25th straight month.

Markets might be up today ahead of tomorrow's expected rate cut from the Federal Reserve, but whether expectations of a 50-basis-point cut are already priced in remain to be seen. Expect tomorrow afternoon to be another tense few hours.