The markets soared stateside as the launch of the US government's programme to tackle banks' toxic debt prompted the Dow Jones to swell 275.90 (3.79%) to 7,554.28 by 11.31 EDT, continuing its two-week rally.
This afternoon the US Treasury unveiled its plan to relieve banks of up to $1trn of debt by pouring between $75bn and $100bn of the original $700bn of Tarp funds into a public private investment programme.
These funds are to be combined with private equity and credit from the Federal Deposit Insurance Corporation and the Federal Reserve's term asset-backed securities loan facility programme to implement a two-pronged plan targeting both toxic debt and more traditional loans.
The financials sector soared 5.89%, with Citigroup up 19.08% to 3.12, Bank of America rising 15.83% to 7.17 and JP Morgan Chase climbing 12.61% to 26.07.
Meanwhile, the S&P 500 was up 29.54 points (3.84%) to 798.08 and the Nasdaq climbed 51.27 points (3.52%) to 1,508.54.
On home shores, the FTSE 100 followed the US higher, up 107.43 (2.80%) to 3,950.28, elevated by the financials sector which rose 6.17%.Investment Week
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