By TIM PARADIS, AP Business WriterNEW YORK – Wall Street is getting the good news it wants on the economy's biggest problems: banks and housing.
Investors reignited a two-week rally Monday after hearing the government's plan to help banks remove as much as $1 trillion in bad assets from their books and home sales showed a surprise increase. Major stock indexes jumped as much as 4 percent, including the Dow Jones industrial average, which rose nearly 300 points.
The Treasury Department said its plan would rely on the government's $700 billion financial rescue fund, the Federal Reserve and the Federal Deposit Insurance Corp., as well as private investors.
Full Story March 23, 2009
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