NEW YORK - Wall Street is gearing up for another surge following the Dow Jones industrial average's historic 936-point jump, with investors encouraged by the U.S. government's plans to buy stock in private banks.
President Bush said Tuesday the government will use a chunk of the $700 billion bailout to inject capital into the nation's banks, which have been slammed by souring mortgage investments. The move follows a similar one announced Monday by European governments to invest about $2 trillion in their own troubled banks.
The Dow Jones industrial average futures are up 221, or 2.32 percent, to 9,729. Standard & Poor's 500 index futures are up 27.60, or 2.71 percent, to 1,044.30, and Nasdaq 100 index futures are up 28.50, or 1.95 percent, to 1,487.00.