Wednesday midday trade: Wall Street rises on US efforts to jump-start economy

US stocks rose on Wednesday as Wall Street neared the end of its worst year since the Great Depression, with equities bolstered for the second straight day on bets that fresh initiatives from Washington will help stave off a deep recession.
Late on Tuesday, the US Federal Reserve added details on its plan to drive down mortgage costs and set a goal of buying $500 billion in mortgage-backed securities by mid-2009, a move that surprised analysts in its speed. The move came a day after lawmakers gave an additional $6 billion to General Motors Corp and its financing arm, GMAC, in an effort to stabilise the auto industry, one of the country's biggest employers.
While 2008 has been a brutal year for global markets, investors' hopes are rising going into 2009 with the inauguration of President-elect Barack Obama. The Dow Jones industrial average rose 103.86 points, or 1.20 percent, at 8,772.25, and the Standard & Poor's 500 Index jumped 10.01 points, or 1.12 percent, at 900.65. The Nasdaq Composite Index gained 21.32 points, or 1.37 percent, at 1,572.02.