Stocks Jump on Citi Rescue

Dow makes triple-digit move in the right direction
By Kevin Spak,  Newser Staff
Posted Nov 24, 2008 8:58 AM CST
Traders look at number's boards as they wait for them to reboot near the close of trading on the floor of the New York Stock Exchange Friday, Nov. 21, 2008.    (AP Photo/Richard Drew)
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(Newser) – Stocks kept Friday’s good mojo going this morning, after the government announced a massive plan to prop up Citigroup. The Dow rose 145 points at the open, as Citi shares leaped 57%, and pulled the rest of the sector with them. Bank of America rose 13%, while Morgan Stanley jumped 14% and Goldman Sachs 8%, the Wall Street Journal reports.

The Nasdaq and S&P added 1.8% and 1.9% respectively. The gains follow a stellar session for London’s FTSE, which rose 4.5%. But Asian markets were less rosy, with the Hang Seng down 1.35%. Oil futures climbed $1.69, up to $51.62. Traders are anxiously awaiting today’s announcement of Barack Obama’s economic team; the Journal reports that Obama is constructing a $500 billion stimulus package.