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.
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.