stocks end solidly higher on Citi rescue, Obama team

Date: Mon, 24 Nov 2008 17:01:38 -0500

U.S. stocks rally for a second consecutive day after the government
agreed to rescue Citigroup and as President-elect Barack Obama
directed his new economic team to get to work.

OBAMA: WORK BEGINS 'TODAY' ON RECOVERY PLAN

Obama stresses the need for quick action to hasten an economic
recovery, introducing his administration's top advisers and signaling
he may be willing to stave off higher taxes for the wealthy.

CITIGROUP SOARS AS U.S. AGREES TO SWEEPING RESCUE PACKAGE

Washington's latest Hail Mary attempt to support a battered banking
system lifts Citigroup shares more than 50%, and draws kudos from
those who see the effort as setting a new industry framework, as well
as brickbats from those who sense desperation in the move.

FUTURES MOVERS: CRUDE SURGES 9.2%, THE MOST IN NEARLY THREE WEEKS

Crude-oil futures surge more than 9%, reclaiming the $50-a-barrel
mark, as a weak dollar and stronger stocks push commodities broadly
higher.

OBAMA TO AUTOMAKERS: COME PREPARED NEXT TIME

President-elect Barack Obama reiterates his stance that the government
needs to extend a financial lifeline to the sinking U.S. auto
industry, but he urged executives to map out a more detailed route to
viability.