US indexes close higher for a second day
US stocks rose at least 6 percent across all main indexes, extending market gains following news of a $250 billion government plan to buy stakes in qualifying financial institutions.
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NEW YORK - U.S. stocks extended gains on Monday, with benchmark indexes up more than 6 percent, as signs that Washington is working to pump cash into banks stemmed a slide in financial shares and investors snapped up beaten-down stocks across sectors, including healthcare and technology.
The Dow Jones industrial average climbed 510.78 points, or 6.04 percent, to 8,961.97. The Standard & Poor's 500 Index shot up 54.19 points, or 6.03 percent, to 953.41. The Nasdaq Composite Index surged 101.91 points, or 6.18 percent, to 1,751.42.
Wall Street capped its worst week ever on Friday, falling for an 8th straight session, as investors feared the credit crisis was spiraling out of control and the global economy was threatened by deep recession.
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