Water absorption is identified in the atmosphere of HD 209458b by comparing models for the planet's transmitted spectrum to recent, multiwavelength, eclipse-depth measurements (from 0.3 to 1 mu m) published by Knutson et al. A cloud-free model that includes solar abundances, rainout of condensates, and photoionization of sodium and potassium is in good agreement with the entire set of eclipse-depth measurements from the ultraviolet to near-infrared. Constraints are placed on condensate removal by gravitational settling, the bulk metallicity, and the redistribution of absorbed stellar flux. Comparisons are also made to the Charbonneau et al. sodium measurements.