US markets appear optimistic

United States stocks rallied amid optimism that US President Barack Obama was moving swiftly to rescue...

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<?xml:namespace prefix="st1" ns="urn:schemas-microsoft-com:office:smarttags"?><country-region w:st="on">United States</country-region> stocks rallied amid optimism that <country-region w:st="on"><place w:st="on">US</country-region> President Barack Obama was moving swiftly to rescue loss ridden banks and jolt the economy out of recession.

The market also took in its stride the outcome of a Federal Reserve meeting which left the key lending rates near zero and offered the prospect of more Central Bank intervention in the bond market to revive credit.

Market confidence stemmed from reports that Obama was pushing for a ’bad bank’ to isolate toxic assets from the banking system reeling largely from a massive home mortgage meltdown.

The Dow Jones gained 201 points ending at 83/76, the S & P 500 advanced just under 28.5 to 874 while the Nasdaq jumped 53 points to 15/58.