Wall Street ends week with smiles

September 19, 2008 8:42:26 PM PDT
Wall Street has just had another huge rally Friday, with stocks soaring as investors stormed back into the market following a government plan to restore calm to the financial system.The key averages ended little changed from a week ago, but the journey was a wild one.

Based on preliminary data, the Dow today gained nearly 369 points to 11,388. The S&P rose 48 points to 1,254, and the Nasdaq composite surged about 75 points to 2,273.

The plan to rescue banks from billions of dollars in bad debt has relieved investors who worried that bad bets on mortgages would hobble more financial companies and cause even more damage to the banking system and the overall economy.

The previous losses came in response to the failure of Lehman Brothers Holdings Inc. and the government bailout of American International Group Inc.