Sweeping government measures to rescue the financial system and restore confidence in shaky markets spurred a huge relief rally in US stocks on Friday, ending a week that saw the most dramatic reshaping of the financial landscape since the Great Depression.
Led by Treasury Secretary Henry Paulson, officials are working on a solution to take over hundreds of billions of dollars worth of lethal mortgage debt.
In another extraordinary action, the United States joined the United Kingdom in temporarily banning bets that financial stocks will fall and said it will use $50 billion to back money-market mutual funds. Short sellers, who profit when stocks fall, have been blamed for contributing to the demise of Lehman Brothers and the steep declines in other financial stocks this year.
Based on the latest available data, the Dow Jones industrial average .DJI was up 368.75 points, or 3.35 %, to end unofficially at 11,388.44. The Standard & Poor's 500 Index .SPX was up 48.15 points, or 3.99 %, to finish unofficially at 1,254.66. The Nasdaq Composite Index was up 74.80 points, or 3.40 %, to close unofficially at 2,273.90.
Led by Treasury Secretary Henry Paulson, officials are working on a solution to take over hundreds of billions of dollars worth of lethal mortgage debt.
In another extraordinary action, the United States joined the United Kingdom in temporarily banning bets that financial stocks will fall and said it will use $50 billion to back money-market mutual funds. Short sellers, who profit when stocks fall, have been blamed for contributing to the demise of Lehman Brothers and the steep declines in other financial stocks this year.
Based on the latest available data, the Dow Jones industrial average .DJI was up 368.75 points, or 3.35 %, to end unofficially at 11,388.44. The Standard & Poor's 500 Index .SPX was up 48.15 points, or 3.99 %, to finish unofficially at 1,254.66. The Nasdaq Composite Index was up 74.80 points, or 3.40 %, to close unofficially at 2,273.90.
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