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U.S. Investing $250 Billion to Bolster Banks; Dow Surges 936 Points.

Authors :
Landler, Mark
Dash, Eric
Story, Louise
White, Ben
Source :
New York Times. 10/14/2008, Vol. 158 Issue 54463, p1. 0p.
Publication Year :
2008

Abstract

Buoyed by the biggest intervention in the American banking system since the Depression and similar moves in Europe, stock markets around the world staged one of the most powerful one-day rallies in history on Monday. The Treasury Department, in its boldest move yet, is expected to announce a plan on Tuesday to invest up to $250 billion in banks, according to officials. The United States is also expected to guarantee new debt issued by banks for three years -- a measure meant to encourage the banks to resume lending to one another and to customers, officials said. [ABSTRACT FROM PUBLISHER]

Details

Language :
English
ISSN :
03624331
Volume :
158
Issue :
54463
Database :
Academic Search Index
Journal :
New York Times
Publication Type :
News
Accession number :
34728782