Dow Adds 200 Points Following Crude Sell-Off and Optimism In Financials

US equity markets are surging higher today following the major sell-off in Crude after Hurricane Gustav was much less severe than expected and oil facilities avoided heavy damage.

At 10:30AM ET, the Dow is up 193 points (+1.7%), Nasdaq is up 28 points (+1.2%) and the S&P 500 is up 14 points (+1.1%).

Also adding to optimism today is reports that Korea Development Bank confirmed it is in talks to invest in Lehman Brothers (NYSE: LEH), following weeks of speculation. The news sent shares of battered Lehman Brothers up nearly 7% this morning. Shares of Lehman gave up much of those early gains, but is still up 3%. Shares of Bank of America Corporation (NYSE: BAC) are also having a good day today, adding 5%, after Goldman Sachs added the stock to its America's Buy List. The key financial ETF, Financial Select Sector SPDR (AMEX: XLF), is up 2% today.

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