ibnlive » Business

Oct 01, 2008 at 11:12am IST

Wall St up over talk of reviving bailout plan

New Delhi: The picture is getting prettier on Wall Street. Stocks roared back as the Bush administration and lawmakers talked about reviving the bailout plan.

The Republicans and the Democrats have decided to continue bi-partisan negotiations and bring another bill to the floor for a vote.

At the same time, the European Union (EU) has called for quick passage of the bill.

INCHING UPWARD: Dow Jones closed higher with talks of a revival of the bailout plan.

The EU Comissioner, in a strong statement, said that the US should shoulder the responsibilty for the financial turmoil in the world.

With talks of a revival of the bailout plan, the Dow Jones closed almost 500 points up, or about 4.7 per cent up. The Nasdaq also ended the day almost 5 per cent higher.

Earlier, after the House of Reresentatives rejected the bill, Dow Jones had tanked by 778 points, its worst performance since 1987.