WASHINGTON (AP) -- Stock prices are enjoying a leap up, as Washington scurries to avoid a meltdown.
The Dow has been up as many as 400-plus points in reaction to a bold, multi-faceted solution proposed by the Bush administration to address the nation's worst financial crisis in decades.
Top officials describe a program that could cost taxpayers hundreds of billions of dollars. The idea is to take bad mortgages and other debt off the books of troubled financial institutions.
Officials, including Treasury Secretary Henry Paulson, plan to work through the weekend on the plan with leaders of Congress.
Before the markets opened, the U.S. government announced plans to temporarily insure money-market deposits and to suspend short-selling in hundreds of financial stocks. Short-selling is method of trading that bets a stock will fall.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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