JIM LEHRER: This was a day of recovery on Wall Street after Monday's record plunge. Stocks rebounded on the belief that Congress will resurrect its failed financial rescue plan. Bargain hunters were also out in force, buying shares in financial and technology companies.
The Dow Jones industrial average gained 485 points to close above 10,850. The Nasdaq rose more than 98 points to close at 2,082.
There was another push today toward quick approval of the rescue plan. Congress was in recess for the Jewish new year, but President Bush made a pitch and senators met informally after the House bill fell apart yesterday.
For the second morning in a row, Mr. Bush said Congress must act or the country faces "painful and lasting" economic damage.
GEORGE W. BUSH, president of the United States: As much as we might wish the situation were different, our country is not facing a choice between government action and the smooth functioning of the free market.
We're facing a choice between action and the real prospect of economic hardship for millions of Americans. And for the financial security of every American, Congress must act.
JIM LEHRER: The failure of the rescue bill had ramifications around the world. Australian Prime Minister Rudd and German Chancellor Merkel both pressed the U.S. to pass the legislation sooner rather than later.
KEVIN RUDD, Prime Minister, Australia: The attitude that we'll adopt and I believe other friends and allies of the United States will adopt is to urge the United States Congress to pass this or a similar measure when it's represented to the Congress later this week.
This is necessary for the stabilization of U.S. financial markets. It's necessary for the stabilization of global financial markets.
ANGELA MERKEL, chancellor, Germany (through translator): The German government expects -- and I expect -- that the rescue package in the United States of America be approved this week, because this is the pre-condition for creating new confidence on the markets and that is of incredibly great significance.
JIM LEHRER: Germany and other European stock markets posted gains today, but other global markets fell, including Australia and Japan. Both dropped more than 4 percent.
The U.S. Federal Deposit Insurance Corporation asked Congress today for a temporary hike on insured deposits. The FDIC is the agency that protects U.S. bank deposits currently for up to $100,000.
The chairwoman, Sheila Bair, asked for authority to raise that cap to an unspecified amount. She said most banks are safe, but this would help ease the crisis of confidence in the banking system.
In the presidential campaign today, both candidates made separate but similar appeals for raising the FDIC caps. Democrat Barack Obama and Republican John McCain agreed the limit should increase from $100,000 to $250,000.
The candidates also repeated pleas to Congress to finish legislation on the financial rescue. We'll have much more on this story right after the news summary.
At least 168 people died in a stampede at a Hindu temple in India today. The chaotic scene broke out in the northwest part of the country, but what exactly caused the stampede was unclear. Accounts ranged from a collapsed wall to rumors of a bomb.
We have a report narrated by Nick Paton Walsh of Independent Television News.
NICK PATON WALSH, ITV News correspondent: Panic, then the rush to escape. It's not clear how it began, if a collapsed wall or the arrival of the VIP caused this stampede.
This ancient fort in Jodhpur, built in the 1400s, saw gather 25,000 people who eventually trampled their fellow worshippers, injuring hundreds.
Over a week given here to celebrating Hindus' sacred mother goddess turned into what's become a familiar sight. Little crowd control or organization led to the fourth such stampede in India so far this year. Hospitals groaned with the wounded. Their serious injuries mean the death toll will probably rise.
JIM LEHRER: Today's stampede followed a series of recent bombings in India. The latest was Monday night and killed six people.
