LONDON (Dow Jones)--U.S. stock prices were tipped to open higher Friday, as the momentum from Thursday's last-hour rally on Wall Street continued to provide investors with some hope.
A wire report Thursday said the Obama administration was hammering out a program to subsidize mortgage payments for troubled homeowners who have gone through a repayment means test, citing sources familiar with the plan.
"The market is hopeful that the reported mortgage rescue plan could genuinely help kick-start the woeful U.S. housing market," said Martin Slaney, head of derivatives at GFT Global Markets.
He called the Dow Jones Industrial Average 48 points higher, or 0.6%, at 7980.76 and the broader Standard & Poor's 500 index up 5.4 points, or 0.6%, to 840.59.
Leaders from the Group of Seven industrialized nations will meet in Rome this weekend, to discuss coordinated measures to tackle the financial crisis.
"The rescue of the financial system is likely to be at the heart of discussions and may well result in a verbal commitment by the members to cooperate closely to try and stabilize confidence," said Kenneth Broux, an economist at Lloyds Banking Group. At 1049 GMT in Europe, the pan-European DJ Stoxx 600 index was up 1.7% at 194.07. London's FTSE 100 was up 1.4% at 4263.16. Frankfurt's DAX was up 1.6% at 4479.04 and Paris's CAC-40 was 2.1% higher at 3028.50.
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