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When the Obama administration outlined its plans to stabilize the banking system last month, leery investors panned the proposal as being short on substance and sent stock markets into a tailspin. But investors went on a buying binge Monday as the administration announced details of its banking rescue plan, hoisting the markets more than 6 percent in one of the biggest buying binges of the year.
"This is the free-money rally," said Barry Ritholtz, chief executive of Fusion IQ, an investment and research firm. "Traders like the fact that there's a boatload of cash headed their way."
"This is the bottom," said James W. Paulsen, chief investment strategist at Wells Capital Management.