As I pointed out yesterday, usually the stock market is up following a down day in the SP 500 of 5.5% or more--on average up 3.5% on the first day and 1.6% on the second day after such a big down day.
At 2:25pm ET, the SP 500 is up 4.6%, the Dow is up 3.9%, and the NASDAQ is up 4.4%.
As to the bailout plan, I was modestly in favor of it until I read Dodd's proposal, which turned me against his version of the bill. But by Monday, every particular provision that I objected to (including the relatively obscure ones) were removed from the bill. After that, I went back to being modestly in favor of it. But I still am not confident of my view on whether on balance it is a good thing or a bad thing.