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Dow jumps 400 as government pledges bank aid (AP)

Specialist Gregg Maloney, right, works at his post on the floor of the New York Stock Exchange, Friday, Oct. 10, 2008. Wall Street capped its worst week ever with a wild session Friday that saw the Dow Jones industrials rocket within a 1,000 point range before closing with a relatively mild loss and the Nasdaq composite index actually end with a modest advance. (AP Photo/Richard Drew)AP - The Dow Jones industrial average surged more than 400 points in early trading today as investors rushed into stocks after eight sessions of devastating losses, hoping that the stock market is finding some footing following pledges by governments to further aid the banking sector, including plans by the Treasury to buy U.S. bank stocks.


US moves to get $700B bank rescue effort started (AP)

U.S. Treasury Secretary Henry Paulson speaks at a news conference after the G7 Ministerial meeting in Washington October 10, 2008. The world's rich nations vowed on Friday to take all necessary steps to unfreeze credit markets and ensure banks can raise money but they offered no collective course of action to avert a deep global recession. (Yuri Gripas/Reuters)AP - The Bush administration said Monday it is moving quickly to implement a $700 billion rescue program, including consulting with private law firms on how to buy ownership shares in banks to help thaw frozen lending and get the economy moving again.


 

Business News

Wall Street rises on bank rescues, Morgan (Reuters)

Traders work on the floor of the New York Stock Exchange October 10, 2008. (Shannon Stapleton/Reuters)Reuters - Stocks rose on Monday as a push by governments around the world to pump money into the clogged banking system sparked relief among investors and credit markets showed signs of loosening up.


Europe bails out banks, UK wants new Bretton Woods (Reuters)

A trader gestures on the floor of the Philippine Stock Exchange (PSE), where shares ended one percent higher in today's trading, in Makati City, Metro Manila October 13, 2008. (Cheryl Ravelo/Reuters)Reuters - Governments across the world launched multi-billion dollar bailouts on Monday to shore up tottering global banks and Britain called for a new Bretton Woods agreement to reshape the world financial system.