Stocks jump after Buffett offers muni bond insurance
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PostPosted: Tue, Feb 12 2008, 11:06 am EST    Post subject: Stocks jump after Buffett offers muni bond insurance Reply with quote
Stocks jump after Buffett offers muni bond insurance

By Tim Paradis, AP Business Writer

NEW YORK — Stocks rose Tuesday after billionaire investor Warren Buffett disclosed an offer to help out troubled bond insurers, easing some of Wall Street's concerns about further deterioration in the credit markets. The Dow Jones industrials rose more than 150 points.

In an interview on CNBC, Buffett said his Berkshire Hathaway holding company has offered a second level of insurance on up to $800 billion in municipal bonds. He made the reinsurance offer to bond insurers Ambac Financial Group (ABK), MBIA (MBI) and Financial Guaranty Insurance Co., known as FGIC.
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http://www.usatoday.com/money/markets/2008-02-12-stocks-tues_N.htm
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