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US stocks rise on hope for bail-out passage
Published in Saudi Press Agency on 03 - 10 - 2008


US stocks rallied for the first time in three
days as the US House of Representatives began debate Friday on a new
version of the finance rescue plan that the White House says is
desperately needed, DPA reported.
Wachovia Corp rallied as much as 80 per cent after Wells Fargo &
Co, the biggest West Coast bank, agreed to buy the lender for about
15.1 billion dollars.
The US jobless rate remained steady at a rate of 6.1 per cent in
September, unchanged from the month before, but non-farm payrolls
have shed another 159,000 jobs and employment continued to fall in
construction, manufacturing and retail trade, the US Department of
Labour said Friday.
The broad-based Standard & Poor's 500 Index gained 26.97 points,
or 2.42 per cent, to 1,141.25 at 1600 GMT in New York. The Dow Jones
index of blue chips added 188.92, or 1.80 per cent, to 10,671.77.
The Nasdaq high tech composite index rose 53.64, or 2.71 per cent, to
2,030.36.
The credit crunch tightened even more on Friday, Bloomberg
financial news service reported. The London interbank offered rate,
or Libor, that reflects the cost of borrowing in dollars for three
months, rose for a fifth day, from 4.21 per cent on Thursday to 4.33
per cent on Friday, the highest rate since January 11.
The Libor rise signalled continuing uncertainty in the all-
important interbank lending system that fuels the commercial system.
US Secretary of Treasury Henry Paulson anticipates that credit
will loosen up if Congress passes the emergency 700-billion-dollar
financial rescue plan, under which the government will buy up
mortgage assets that have gone sour and drained the system of credit.


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