Stocks rally on bailout hopes

Wall Street gains at end of choppy session on bets that the automakers will get help after all.

NEW YORK (CNNMoney.com) -- Stocks rose Friday, ending a choppy session higher, as investors welcomed the Treasury Department's indication it might step in and bail out the troubled automakers after a $14 billion bill collapsed in the Senate.

The Dow Jones industrial average (INDU) added 0.8%. The Standard & Poor's 500 (SPX) index climbed 0.7% and the Nasdaq composite (COMP) gained 2.2%.

For the week, the Dow and S&P 500 ended with modest losses and the Nasdaq posted a slim gain.

Stocks slumped Thursday on fears that the $14 billion auto rescue bill would lose traction in the Senate. Those concerns proved correct. Negotiations fell apart Thursday night, with Democrats, Republicans, the individual companies and the United Auto Workers union unable to reach a compromise.

But on Friday, the White House said it would consider using some of the money set aside to help banks and Wall Street for bailing out the auto industry. The Bush administration said it could access the $700 billion bailout already approved by Congress, known as the Troubled Asset Recovery Program or TARP.

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Source: CnnMoney.com