AP: Wall Street extended a huge rally Friday as investors stormed back into the market, relieved that the government plans to restore calm to the financial system by rescuing banks from billions of dollars in bad debt. The Dow Jones industrials rose about 370 points, giving them a massive gain of about 780 over two days, and Treasurys fell as money flowed into equities.
The government's proposal, while still a work in progress, has placated investors who worried that a continuum of bad bets on mortgages would hobble more financial companies and cause further damage to the strained banking system and the overall economy.
More... http://www.breitbart.com/article.php?id=D93A23FO1&show_article=1
Pearce: Global Markets also "roar" on the news of a rescue package. White House and Congressional officials are working through the weekend to finalize the rescue package legislation. The proposed action will have an enormous pricetag, around $700B, but is based on the believe that doing nothing would be much worse for Americans in the longrun.
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