NEW YORK, Sept. 8 (Xinhua) -- Wall Street saw a rocketing rally in early trading Monday, after the U.S. government announced Sunday plans to bail out mortgage lenders Fannie Mae and Freddie Mac.
The Dow Jones soared 265.60 to 11,486.56. Broader indexes also traded higher. The Standard & Poor's 500 index rose 28.96 to 1,271.27, and the Nasdaq advanced 30.98 to 2,286.86.
The U.S. Treasury Department plans to inject up to 100 billion U.S. dollars in each of the government-chartered mortgage giants, which own or back about half of the nation's mortgage debt.
The plan alleviated investors' worries that the two giants would collapse due to bad mortgage debt.
Investors hoped that the plan could help banks feel more open to write new mortgages and further boost the U.S. economy.
