Oct 13, 2008
Story Timeline: 36 days
Global Stocks Climb, Oil Rises on Bailout Plan; Banks Advance By Lynn Thomasson and Adria Cimino Oct. 13 (Bloomberg) -- Stocks rallied worldwide, with the Standard & Poor's 500 Index gaining the most since 1939, and oil climbed from a 13-month low after governments in Europe, the U.S. and Asia agreed to support banks. Morgan Stanley surged 87 percent after changing terms of its $9 billion investment from Mitsubishi UFJ Financial Group Inc. UBS AG and ING Groep NV jumped more than 12 percent in Europe after the region's leaders said they would guarantee bank debt. The euro rose the most in three weeks against the dollar and yen on speculation the bailout may prevent more bank failures. ``They brought out the heavy artillery,'' said Aurore Wannesson-Raynaud, a strategist at Axa Investment Managers in Paris, which oversees about...
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