NPR 2008-10-14

After plunging 1 18% for the five days ending last Friday, the Dow and the other major stock market indices were back to life today, regaining 2 11% of their losses. For the Dow Jones Industrial Average, it was the single biggest one day point gain by a large margin 3. The run-up in stocks came as governments around the world announced new steps aimed at supporting the banking 4 system. Brian Wesbury is chief economist 5 with First Trust Advisors 6. He credits that concerted approach to what has become a global problem. "All of a sudden in this past couple of days, we have seen a complete reversal of that one at a time kind of process. And we have now decided 8 that the entire system needs to be stopped and any more failures must be stopped. And I think that's the key."

White House says the president will meet with members of his financial team tomorrow. He has also scheduled an announcement from the Rose Garden before the markets open. According to one source, the government would announce plans to buy stock in nine major US banks.

On Wall Street today, the Dow rose 936 points. The NASDAQ gained 194 points. The S&P 500 was up 104 points.

Congressional Democrats 9 say the economy needs another stimulus 10 package. House Speaker Nancy Pelosi announced the proposal after meeting with economists 11. NPR'S Ted 7 Robbins has more.

 The 700-billion-dollar bailout passed two weeks ago was intended to stabilize 12 financial institutions. This package would stimulate 13 the stagnant 14 economy. Economist Joseph Stiglitz said his colleagues and Democratic lawmakers were almost unanimous on the proposal's main targets. "Not just giving money to financial markets but going directly, at least some of the money, going directly to households to meet infrastructure 15 needs, to meet the variety of challenges facing our society today." House Speaker Nancy Pelosi specifically mentioned extending unemployment benefits and creating public construction jobs. Pelosi said Congress would hold hearings on the size and shape of this bill. Ted Robbins, NPR News.

Fire crews are battling a wildfire north of Los Angeles. From KCRW Cheryl Glitz has more.

Hundreds of LA City and County firefighters are teaming up with fire crews from around the state to try to get a handle on the so-called Marek fire. One of the biggest threats has been the Santa Ana winds which at times are gusting 16 up to 65 miles per hour. Firefighting aircraft had been called in to help the crews on the ground and some of the pilots could be in for a long night, says LA County Fire spokesman Frank Garrido. "The fixed-wing aircraft fly till sundown and then our helicopters have now been approved for night time operations." Evacuation centers have been set up for the hundreds of people who have been forced to leave their homes. Meanwhile a second fire has broken out about 10 miles away in an area called Porter Ranch 17 and it's threatening hundreds of homes and new developments. For NPR News, I'm Cheryl Glitz in Los Angeles.

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Morgan Stanley got a much needed jolt 18 of new capital helping 19 to send the firm's shares higher today. Morgan Stanley announced it has officially closed on an agreement with Japanese bank Mitsubishi Financial Group for a nine-billion-dollar cash infusion 20. In exchange Mitsubishi gets just over a 20% stake in the New York-based investment bank. Like some other banks and financial firms, Morgan Stanley has suffered as investors 21 have fled financial shares during the effects of the ongoing 22 credit crisis.

A pioneer in providing health care for needy 23 women around the world has died. Allan Rosenfield was 75. NPR'S Richard Harris has that story.

Doctor Rosenfield was an obstetrician gynecologist who was among the first to take on the public health crisis that affects poor women around the world. In a long and celebrated 24 career, he worked to reduce the risk of death during child birth. Among his other innovations, he expended 25 access to birth control by training non-professionals to dispense 26 contraceptives. He also helped devise ways to treat HIV infected women and children in developing countries. And he established a program in maternal 27 health that now operates in 50 countries around the world. Doctor Rosenfield served for 22 years as dean of what is now called the Mailman School of Public Health at Columbia University. During that time, it grew to be the third largest school of public health in the nation. He died Sunday in his home in Heartstill, New York of ALS, a neuron-degenerative disease. Richard Harris, NPR News.

Stocks in the major automakers moved higher today. GM shares at one point were up more than 64% following reports the world's largest automaker has at least been exploring merger 28 talks in recent months. ???? Friday focused on GM Number 3 Chrysler, though it's believed those talks have largely ended for now.