World

October 12, 2008

Treasury will buy stock in banks; stocks bounce back

Treasury’s new point man for the bank rescue program, Neel Kashkari, gave his first address Monday morning, laying out just how the agency will carry out a $700 billion rescue plan passed by Congress last month. He confirmed taking equity positions in struggling banks is near the top of the list. The Dow Jones Industrial Average posted its biggest one-day point gain ever, soaring more than 936 points, or 11 percent.

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