Last week, most eyes in Washington were focused on Wall Street. Today, Wall Street is watching events in Washington. The latest news is that after a closed-door meeting, Republicans and Democrats have agreed on the principles of a plan.

Sen. Christopher J. Dodd...said the principles include protection for taxpayers, effective oversight, help for homeowners facing foreclosure and limits on the compensation of executives whose firms take bailout money.

I'm guessing that the president will get the money he wants, but Congress may issue it in installments. The market so far likes the news and at one point, it was up over 300 points. In my Blue Chip Growth service, Owens-Illinois (OI) is up 17% today.