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 J...
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