Wall Street Rebounds After U.S. Announces Buying Bank Stakes

by Jacob Cherian    October 14, 2008

Wall Street, NY (GroundReport) - According to media reports, stocks on Wall Street staged the biggest rally in seven decades after the U.S. government announced plans to purchase stakes in banks.

The incline also follows a Federal Reserve-led push to infuse the global financial system with dollars, the Business Day reported.

Bruce McCain, chief investment strategist at Key Private Bank in Cleveland, which manages $US30 billion told Business Day, "The worst of the immediate danger is past.''

He added, ''It's always easier when you've got markets going up and you're not having to talk clients back in off the ledge.''
 

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