It's now worth asking: Was the Dow's low point of 10,962.54 on July 15 the bottom?

"Hopefully, this bailout will be the last thing we'll need for the markets to move forward. This is a huge step in the right direction," said Ted Parrish, co-manager of the Henssler Equity fund.

And if you subscribe to the notion that the economic woes are largely due to the housing mess and credit crunch, it's hard to not be encouraged by the end of the Fannie-Freddie deathwatch.

Read the full story here: Why Wall Street loves the bailout