AP - The Federal Reserve announced Tuesday a radical plan to buy massive amounts of short-term debt in a dramatic effort to break through a credit clog that is imperiling the economy.

AP - Wall Street rose moderately early Tuesday, with investors getting some encouragement that the Federal Reserve's plan to buy massive amounts of corporate debt will help unclog the credit markets. The markets showed some signs of easing.

Reuters - The Federal Reserve on Tuesday announced it would create a special-purpose facility, with the Treasury Department's blessing, to begin buying commercial paper in yet another emergency move aimed at calming chaotic financial markets.

Reuters - Russia negotiated an emergency bailout for Iceland and unveiled an aid package for its own banks on Tuesday, while Japan called for greater coordination in tackling the global financial crisis.