Chinese Stimulus Lifts Dow

Index surges 150+ at open, following Asian lead
By Kevin Spak,  Newser Staff
Posted Nov 10, 2008 8:49 AM CST
Traders on the floor of the New York Stock Exchange watches President-elect Barack Obama's news conference Friday.   (AP Photo)
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(Newser) – Stocks jumped out of the gate today, thanks to a $586 billion stimulus package from Beijing. The Dow was up nearly 200 just after opening, the Wall Street Journal reports, and the S&P and Nasdaq climbed 1.8% and 1.2%, respectively. The moves followed rallies overseas, including a 7.3% boost for the Shanghai Composite and a 5.8% boost for the Nikkei.

Oil climbed $2.76 to $63.80 a barrel, while gold rose $16.40 to $750.60 an ounce. Among the stocks on the move, Circuit City plunged 55% pre-market after filing for bankruptcy, while AIG jumped 19% as the government announced plans to replace its old bailout of the insurer with a new $150 billion one.