Thursday, November 20, 2008
Yeeha! Anyone else want some cash, just see Mr Paulson!
US senators reached a bipartisan agreement on a bill to support the ailing auto industry, with an announcement expected this afternoon. The Dow Jones industrial average, which had been down more than 200 points in morning trade in New York, rose by 78 points to 8,075.89 at lunchtime as investors welcomed the news. Wall Street had been bracing itself for the possibility that Washington would not approve an emergency $25 billion (£16.7 billion) bridging loan to bail out America’s car industry in time to avert the bankruptcy of at least one big manufacturer.