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December 10th, 2008
Wall Street rallies after movement on auto bailout
Posted: 08:41 PM ET
From Alexandra Twin
NEW YORK (CNNMoney.com) — Stocks rallied Wednesday, recovering from a mid-afternoon retreat, as investors welcomed reports that Congress and the White House have struck a deal to provide a $14 billion bailout to the struggling auto industry.
The Dow Jones Industrial Average added 0.8 percent. The Standard & Poor’s 500 index gained 1.2 percent and the Nasdaq composite also gained 1.2 percent.
Stocks rallied through the early afternoon in response to the auto bailout news, lost steam after the release of the November Treasury and then recharged the advance near the close.