Wall Street Rebound NEW YORK (Associated Press) -

Wall Street had posted a stunning late-afternoon turnaround.

Stocks have shot higher, putting the Dow industrials more than 400 points ahead for the day as the closing bell neared.

The surge followed a report that the federal government may create an entity that will take over banks' bad debt.

The report on CNBC said Treasury Secretary Henry Paulson is considering the formation of an entity like the Resolution Trust
Corporation. It was set up after the failure of savings and loan banks in the 1980s.

The proved more reassuring to investors than moves before the opening bell by the Federal Reserve and other major central banks to inject as much as 180 billion dollars into global money markets. © Copyright 2009, Associated Press