Stocks Rally, End Week Mixed

Bailout plan reassures investors
By Nick McMaster,  Newser Staff
Posted Sep 19, 2008 3:44 PM CDT
Banc of America specialist Daniel O'Donnell, center, with hand raised, directs trading on the floor of the New York Stock Exchange, Friday, Sept. 19, 2008 in New York.    (AP Photo/Henny Ray Abrams)
camera-icon View 3 more images

(Newser) – Stocks continued to rally today, gaining enough on news of the government’s plan to form a debt relief agency for financial firms that the week's last two sessions saw the markets almost overcome the week’s earlier losses, MarketWatch reports. The Dow gained 368.75 to close at 11,388.44, the Nasdaq rose 74.80 to 2,273.90, and the S&P 500 climbed 48.57 to 1,255.08.

Beleaguered AIG surged 43.12%, with the firm reportedly pursuing a plan to pay off the federal government’s loan in the window before Washington takes an 80% ownership stake. As hope returned to the financial sector, Citigroup and Bank of America saw gains over 20%.

  • For the week, the Dow closed down 0.2%, the Nasdaq gained 0.6%, and the S&P 500 rose 0.2%.