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Business

Wall Street toasts Citigroup rescue

Text by AFP

Latest update : 2008-11-25

Wall Street capped a day of euphoria across markets as the Dow Jones jumped up 4,93% at the close Monday, boosted by the rescue of US banking giant Citigroup and the official nomination of a new US Treasury secretary.

Wall Street shares saw a massive rally Monday amid frenzied buying following a US government rescue of banking giant Citigroup.
   
The Dow Jones Industrial Average vaulted 396.97 points (4.93 percent) to 8,443.39 while the Nasdaq composite soared 87.67 points (6.33 percent) to 1,472.02 just after the closing bell.
   
The Standard & Poor's 500 index surged 51.78 points (6.47 percent) to a preliminary close of 851.81.
   
The rally was the second in two sessions following Friday's comeback on news that president-elect Barack Obama was to name seasoned New York Fed chief Timothy Geithner as his Treasury secretary to head economic policy.
   
The gains extended after news of the US government rescue of Citigroup, which got fresh capital and a guarantee for its troubled mortgage assets, averting a possible collapse.
   
The government agreed to back some 300 billion dollars in troubled mortgage assets and inject another 20 billion dollars in capital, boosting its stake in one of the biggest banks.
   
"The failure of Citi, with its two trillion dollar balance sheet, would have been absolutely catastrophic to the global banking system," said Fred Dickson at DA Davidson & Co.

Date created : 2008-11-24

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