Markets Are Going Bananas - Dow Up 150

Markets are exploding higher today.

The Dow is up 150 points or 1.0%.

The S&P 500 is up 13 points or 0.7%.

This bullish move is coming in the wake of Larry Summers' withdrawal from the race to become the next Chairman of the Federal Reserve.

"Larry Summers' withdrawal from the race for Fed chair will likely be interpreted by markets as bullish for US interest rate curve trades, duration more generally, and risk assets (including credit and equities)," said PIMCO's Mohamed El-Erian in a post for Business Insider. "It may also impact the manner in which the outcome of this week's important Fed policy meeting is interpreted by markets."