U.S. lawmakers were set to hold urgent talks with Treasury and Federal Reserve officials over the weekend to nail down details of a $700 billion economic rescue plan designed to eliminate the "toxic debts" that have pitched Wall Street and global markets into chaos over the past week.
Stocks rallied around the world as details of the rescue plan emerged with New York's benchmark Dow gaining 7.3 percent since late Thursday, its biggest two-session gain since October 2002. London's FTSE 100 jumped 8.8 percent, Shanghai closed up a record-breaking 9.5 percent and Hong Kong gained 9 percent as investor confidence returned.
Markets had endured massive losses earlier in the week following the collapse of U.S. investment bank Lehman Brothers, a Bank of America buyout of Merrill Lynch and a government bailout of insurer AIG. Read full article »