Stocks rise on optimism about Detroit bailout
New York (AP) — Wall Street has regained some of its optimism and is rising on expectations that Congress will extend a lifeline to U.S. automakers and avoid a potential pitfall for the economy.
Lawmakers are believed to be close to approving a $15 billion bailout for Detroit. The move is seen as likely to save jobs.
Signs of fear in the Treasury market have eased somewhat. The four-week bill auctioned with a zero percent yield on Tuesday has seen that rate increase.
After a sell-off Tuesday, the Dow Jones industrials are up 100 at the 8,792. Broader indexes are showing similar advances.
(Copyright 2008 by The Associated Press. All Rights Reserved.)