Despite Congress’ stalemate on the $700 billion bailout plan, stocks rallied in early-morning trading today, CNNMoney.com reported.

As of 10 a.m. Iowa time, the Dow Jones industrial average had gained nearly 300 points, and the Standard & Poor’s 500 index and the Nasdaq composite had both gained more than 3 percent.

This early-morning jump comes a day after the Dow’s biggest one-day point drop ever. Yesterday, the S&P and the Nasdaq had their biggest drops since Black Monday in 1987, and the Dow plummeted, experiencing a nearly 778-point loss.

However, this slight comeback isn’t giving market analysts or economists a strong sense of optimism.

“What we’re seeing here today is a little bit of bargain hunting or short covering, at least for the moment,” said Peter Cardillo, chief market economist at Avalon Partners Inc. “But this is a very tough situation. Major declines like yesterday generally don’t end up reversing in a day.”

The bailout plan, which didn’t receive the support it needed yesterday in Congress to pass, is expected to be revisited Thursday when legislators return to Washington; the House is adjourned today for the Jewish holiday of Rosh Hashanah.

Furthermore, some of President George W. Bush’s senior administrative officials told CNN that the president will meet with his team this morning to review further options. As of last night, White House staff members had been in contact with Republican congressional leaders and Democratic staff members.

“Our economy is depending on decisive action from the government,” said President Bush. “The sooner we address the problem, the sooner we can get back on the path of growth and job creation. This is what elected leaders owe the American people, and I am confident that we’ll deliver.”

But even if the bailout delivers, analysts believe the market will continue to feel pressure and stocks will continue to reflect the instability of the economy.

“The market is going to be under pressure when we start to focus on fundamentals and fundamentals aren’t going to look good for a while,” said Art Hogan, chief market analyst at Jeffries & Co. “The market was down 200 points Monday morning even with the assumption of the passage of the bailout.”