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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Global stock rally on renewed hopes to jumpstart US economy AFP - 2 hours 39 minutes ago NEW YORK (AFP) - - Global stocks kicked off the week on a bullish note as the United States joined Europe and Asia to post spectacular share gains Monday amid strong hopes of new stimulus moves to fight recession and a bailout of the flagging US auto sector. The Dow Jones Industrial Average leapt 298.76 points (3.46 percent) to finish at 8,934.18, after flirting above the key 9,000 level. The Nasdaq vaulted 62.43 points (4.14 percent) to 1,571.74 and the Standard & Poor's 500 rallied 33.63 points (3.84 percent) to 909.70. European and Asian markets had staged spectacular rallies earlier on hopes that a big stimulus planned by US president-elect Barack Obama will ease the worldwide financial crisis. Analysts estimate that the plan could cost up to 500 billion dollars, but traders were "enthused by the notion that Obama's proposal could save or create up to 2.5 million jobs by 2011," said Elizabeth Harrow, an analyst at Schaeffer's Research. "The prospect of increased spending on the nation's infrastructure also served to boost the shares of energy, engineering, and construction-related issues," she said. Oil prices also rebounded from last week's slump below 40 dollars a barrel as traders bet on new measures to stimulate largely the US economy from a deep recessions amid plans by the cartel to cut output. Light, sweet crude for January delivery rallied 2.90 dollars to close at 43.71 dollars a barrel on the New York Mercantile Exchange after Brent North Sea crude for delivery in January leapt 3.68 dollars to settle at 43.42 dollars on the InterContinental Exchange in London. "Investors are betting that policymakers will do more to avert a severe recession," said Chris Lafakis at Economy.com. "Obama's plan, which doesn't have a specific price tag yet, fueled big gains in foreign markets," he said. News of a potential deal to aid US automakers also buoyed spirits. Experts cautioned that the equity markets remained on tenterhooks as US and European economies remained mired in the worst recession in decades. Sustained recovery particularly for the world's biggest economy will not take hold until 2010, they said. Paul Nolte at Hinsdale Investments said the market appears to be showing resilience in the face of news of cascading job losses and other grim data. "It might be that the 40 percent decline over the past year has already factored in much of the bad news already," Nolte said. "Could it be that the markets are beginning to sense an ending of the worst? It is still too early to tell." In London, the FTSE 100 index finished 6.19 percent in positive territory on Monday while the CAC 40 in Paris added 8.68 percent and the Frankfurt Dax 7.63 percent. There were similar or larger advances elsewhere. Brazil's main share index rose 8.31 percent and the S&P/TSX in Toronto added 5.55 percent. In Moscow, investors shrugged off a downgrade of Russia's sovereign debt rating by Standard and Poor's and sent the RTS index surging by 7.19 percent at the close. The big advances in Europe erased sharp falls suffered on Friday when investors headed for the exits on news that the US economy had shed more than half a million jobs in November, heralding a long and painful recession. But the all the gloom was dispelled Monday "by prospects for an ambitious American response," said analyst Xavier de Villepion at Global Equities in Paris. Also underpinning sentiment was a mini-summit of leaders from Britain, France and the European Commission in London, where additional anti-recession measures could emerge. Earlier in Asia Tokyo closed up 5.20 percent, Hong Kong soared 8.7 percent, Seoul rallied 7.5 percent and Sydney climbed 4.1 percent. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Japan's recession worse than thought: official dataAFP - 20 minutes ago CBH says consdering Perilya-China share dealReuters - 32 minutes ago China's Chery has no plan to buy U.S. auto assets-paperReuters - 45 minutes ago NZ govt to cut taxes, spend more to beat recessionReuters - 1 hour 15 minutes ago Related Articles: Business Japan's recession worse than thought: official dataAFP - 20 minutes ago Morgan Stanley, Merrill chiefs give up bonusesAP - 29 minutes ago CBH says consdering Perilya-China share dealReuters - 32 minutes ago H&R Block reports smaller 2Q lossAP - 33 minutes ago Japan mulling $216 bln economic package - YomiuriReuters - 34 minutes ago Enlarge Photo Global stock rally on renewed hopes to jumpstart US economy Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Financial crisis tipped to cut cost of air travel Climate change: Sci-fi solutions no longer in the margins Oil price falls below $40 Stocks take flight on prospects for anti-recession moves Vinnie Jones gets into bar fight over role in X-Men View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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