A late surge lifted U.S. stocks Thursday, with investors
motivated by falling oil prices and evidence of a thaw in credit markets.
The major U.S. stock indexes soared more than four percent, after a volatile
day of trading.
The indexes had fallen in midday trading after new U.S. government reports
showed industrial output in September fell almost three percent (two-point-eight
percent), the biggest decline in 34 years.
Another report Thursday said economic activity in the eastern U.S. plunged in
October, raising new fears that efforts to help troubled financial institutions
will not stop the economy from entering a recession.
U.S. Treasury Secretary Henry Paulson said in a television interview on Fox
Business News that he is not proud of the mistakes that led to the
financial turmoil, such as regulatory and market discipline failures. But he stressed
that he has no regrets about the steps the government has taken to address the