The peso rose and the Mexican stock market rallied Friday for a third consecutive day, strengthening on news of an enormous U.S. aid package intended to rescue Mexico from its economic crisis.
The market’s main IPC index finished up 97.73 points to 2,216.55 for a gain of 4.61 percent, buoyed by Clinton administration promises to extend tens of billions of dollars in credit to Mexico.
The battered peso, trading at about 3.4 to the dollar before it abruptly began sliding Dec. 20, closed at 5.25 to the dollar, more expensive than its 5.5-dollar exchange rate late Thursday.
Analysts said the peso and stocks were finding new vigor on announcements by the United States and the international community to extend favorable financing to help alleviate the crisis.
sponsored You’ve probably heard of co-ops: food co-ops, childcare co-ops, housing co-ops, energy co-ops.