Posted: Monday, 13 October 2008 12:00PM
Wall Street Starts Week on Good Note
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NEW YORK (AP) -- Wall Street is up sharply after all the weekend activity to shore up the financial system.
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The Dow has been up by about 500 points in late morning trading.
Investors are cheering pledges of coordinated actions by European and U.S. authorities aimed at helping the banking system, including plans by the Treasury to buy U.S. bank stocks.
The Bush administration is working on implementing the $700 billion financial rescue plan. The White House is consulting with six private law firms to determine the best way to buy ownership stakes in banks. The plan to buy shares of banks is aimed at getting capital to financial institutions faster than purchasing their soured mortgage-backed assets.
Last week, the Dow suffered its worst weekly percentage decline in history, down more than 18 percent. |
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