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Stocks surge on report of entity for bad debt (AP via Yahoo! News) Wall Street rallied in a stunning late-session turnaround Thursday, shooting higher and hurtling the Dow Jones industrials up 400 points following a report that the federal government might create an entity to absorb banks' bad debt. The report also cooled investors' fervor for safe investments like government debt that were in demand for much of the day. Stocks surge on report of entity for bad debt (The Daily American) NEW YORK ? Wall Street rallied in a stunning late-session turnaround Thursday, shooting higher and hurtling the Dow Jones industrials up 400 points following a report that the federal government might create an entity to absorb banks? bad debt. Stocks surge on report of entity for bad debt (San Francisco Chronicle) Wall Street rallied in a stunning late-session turnaround Thursday, shooting higher and sending the Dow Jones industrials up 400 points following a TV report that the federal government might create an entity to absorb banks' bad debt. The report also cooled... Radical bailout unveiled :Bush wants Uncle Sam to absorb sea of bad debt. (South Bend Tribune) WASHINGTON -- Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jaw-dropping price tag -- a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions. Stocks surge on plan for handling bad debt (Worcester Telegram & Gazette) NEW YORK - Wall Street rallied in a stunning late-session turnaround yesterday, shooting higher and hurtling the Dow Jones industrials up 400 points following a report that the federal government might create an entity to absorb banks' bad debt. The report also cooled investors' fervor for safe investments like government debt that were in demand for much of the day. US would take over billions in bad debt (Hattiesburg American) WASHINGTON - Struggling to calm a financial hurricane, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag - a takeover of hundreds of billions of dollars in worthless mortgages and other bad debt. Market closes up 369 on talk of plan for bad debt (Newsday) Stocks, which had feasted on the expectation the government would establish a more comprehensive program to deal with financial institutions' bad debt, rallied Friday on the announcement that a plan was in the works. Stocks rally on report of federal entity for bad debt; Dow up 410 (USA Today) Stocks rallied in a stunning late-session turnaround Thursday, shooting higher and hurtling the Dow Jones industrials up 410 points following a report that the federal government might create an entity to absorb banks' bad debt. The report also cooled investors' fervor for the safest types of investments like government debt. Bush Seeks $700B For Bad Debt Bailout (CBS News) The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout in decades. It also would raise the national debt from $10.6 trillion to $11.3 trillion. Bush Asks Congress For $700B To Fix Bad Debt (CBS 3 Philadelphia) Struggling to stave off financial catastrophe, the Bush administration on Saturday laid out a radical bailout plan with a jawdropping price tag -- $700 billion in worthless mortgages and other bad debt held by tottering institutions. |
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