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Article: United States: Wall Street Rallies On Hopes of Bailout Plan Approval.
- Article from:
- TendersInfo
- Article date:
- October 3, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sander03
US Stocks edged higher in afternoon trade on signs that bailout plan will be finally approved by lawmakers at US House Of Representatives. Earlier, US markets crashed on Monday after lawmakers unexpectedly rejected the proposed $700 billion bailout plan meant to calm the markets and restore investor s confidence. The rescue plan is the largest instance of government intervention since Great Depression of 1929 and is being touted as "mother of all bailouts". On Monday, the Dow Jones Industrial average sank almost 7%, the S&P 500 plunged 8.8%, and the Nasdaq tumbled 9.1%. Monday s drop was the biggest for Dow Jones in its entire history.
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