Obama Plan Boosts World Stocks

Asia, Europe soar on multibillion infrastructure proposals
By Jason Farago,  Newser Staff
Posted Dec 8, 2008 4:53 AM CST
Asian markets rallied today as President-elect Barack Obama pledged the world's largest economy will spend its way out of a recession.   (AP Photo/Shizuo Kambayashi)
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(Newser) – Asian and European stocks advanced substantially today amid hopes that Barack Obama's proposed US stimulus package could pull the world out of an economic dive. In Hong Kong the Hang Seng shot up 7.5%, while in Tokyo the Nikkei closed up 5.2%.  Stock exchanges in London, Paris and Frankfurt all gained more than 6% in morning trading as returning confidence helped financials start to reverse recent declines.