Breaking News Alert
The New York Times
Friday, November 21, 2008 -- 4:14 PM ET
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Stocks Soar in Late Trading; Dow and S.&P. 500 Both Rise 6%
Wall Street seemed to regain some of its confidence late
Friday after a report that President-elect Barack Obama would
select Timothy F. Geithner, the president of the New York
Federal Reserve, to be secretary of the Treasury. Shares
jumped, with the Dow Jones industrial average surging 494.13
points or 6.5 percent. The broader Standard & Poor's
500-stock index was up 6.3 percent. The surge came after two
days in which the markets fell almost 6 percent in each
session.
The advance also came as the Federal Insurance Deposit
Corporation said it would guarantee up to $1.4 trillion in
U.S. banks' debt for more than three years as part of the
government's financial rescue plan.
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http://www.nytimes.com/?emc=na
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