EUROPEAN, U.S. MARKETS RALLY ON BAILOUT HOPES:Stock markets in New York are rallying Tuesday amid fresh efforts in Washington to resurrect a $700 billion bailout plan aimed at stabilizing the U.S. economy following weeks of turmoil that have transformed the global financial landscape.The bailout proposal, which would give U.S. Treasury Secretary Henry Paulson the authority to buy up toxic mortgage-related assets in troubled banks, was rejected Monday by the House of Representatives, prompting massive losses on Wall Street with the Dow Jones plunging 777 points -- its worst performance since the 1987 stocks crash. But by noon Tuesday, the Dow Jones had gained about 300 points amid renewed hopes that lawmakers will pass a revised bailout package before the end of the week.
Major European markets closed up, with Britain's FTSE 100 up about 2.1 percent, France's CAC 40 up 1.7 percent and the German DAX 30 up marginally.
Major European markets closed up, with Britain's FTSE 100 up about 2.1 percent, France's CAC 40 up 1.7 percent and the German DAX 30 up marginally.
