On the global front: Wall Street gains on bank plan; Dow surges 497 pts and Asian markets trading higher; Nikkei up 2%

On the global front: Wall Street gains on bank plan; Dow surges 497 pts and Asian markets trading higher; Nikkei up 2%. US markets rallied as investors cheered details of the government plan to mop up toxic assets from banks' balance sheet. It is the first time since mid-November that all three major indices finished up more than 6 percent. The plan is two-pronged: one part will focus on purchasing toxic securities, the other on purchasing bad loans. Financials rallied 17 % as the toxic asset plan fueled optimism about revival in bank lending. Also giving the market a boost was a better-than-expected housing report. Existing-home sales rose 5.1 to an annual pace of 4.72 million, against forecast for a 4.45 million rate. The Dow surged 497.48 points, or 6.8%, to 7,775.86. The S&P 500 index gained 54.38 points, or 7.1%, to 822.92. The NASDAQ composite index added 98.50 points, or 6.8%, to 1,555.77.