The New York Times
Monday, March 23, 2009 -- 4:05 PM ET
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Dow Leaps 497 Points on Enthusiasm Over Treasury Plan
Wall Street reignited a two-week rally on Monday, fueled by
the government's plan to help banks remove bad assets from
their books. The government's program would tap money from
the government's $700 billion financial rescue fund and also
involve help from the Federal Reserve, the Federal Deposit
Insurance Corporation and the participation of private
investors. The Dow Jones industrial average closed up nearly
500 points, or 6.8 percent, and the broader Standard & Poor's
500-stock index rose more than 7 percent. The Nasdaq rose
more than 98 points or 6.7 percent.
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