Source: Xinhua
11-25-2008 08:43
Special Report: Global Financial CrisisNEW YORK, Nov. 24 (Xinhua) -- Wall Street saw the first two-day rally in November on Monday and last Friday, after the U.S. government rescued Citigroup late Sunday night.
The U.S. Treasury Department decided to inject 20 billion U.S. dollars to the second largest U.S. bank by assets, after backing the bank with 25 billion U.S. dollars last month under the Troubled Asset Relief Program. Citigroup also received 306 billion dollars of U.S. government guarantees for troubled mortgages and toxic assets. The rescue plan boosted market in early trading, after Citigroup's stock fell 58 percent last week.
President-elect Obama is set to introduce his economic team on Monday and has called for another economic stimulus. Timothy Geithner, president of New York Federal Reserve, was confirmed to be U.S. president-elect Barack Obama's choice for Treasury chief last Friday, which sent major indexes to a sharply higher close as investors were glad to see the uncertainty being removed from the market.
The Dow Jones rose 308.40 to 8,354.82. Broader indexes also moved higher. The Standard & Poor's 500 index climbed 36.97 to 837.00; and the Nasdaq rose 57.84 to 1,442.19.
Editor:Xiong
