Monday, March 23, 2009

Stock Prices Go Up because of Obama's Plan

By Edward Krudy
Posted By Lara Turner

NEW YORK, March 23 (Reuters) - U.S. stocks surged around 7 percent on Monday after the Obama administration detailed a plan to purge toxic assets from bank balance sheets, fueling optimism about a revival in bank lending and driving double-digit gains in financial shares.

The S&P 500 and the Dow industrials posted their biggest one-day percentage gains since late October after Wall Street finally got what it was asking for: relief for the battered banking sector and more data suggesting the housing market could be on the mend.

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