Dow Up 299 on Stimulus, Autos

Industries likely to benefit from Obama building plan see gains
By Nick McMaster,  Newser Staff
Posted Dec 8, 2008 3:17 PM CST
Traders work on the floor of the New York Stock Exchange today.   (AP Photo)
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(Newser) – Stocks rallied today, led by automakers, which look ever likelier to get a federal bailout, and industrial firms expected to benefit from President-elect Barack Obama’s proposed public-works programs, MarketWatch reports. The Dow gained 298.76 to close at 8,934.18. The Nasdaq rose 62.43, closing at 1,571.74, while the S&P 500 climbed 33.63 to settle at 909.70.

General Motors gained 17.99%, and Ford gained 22.4% on news of the sunnier prospects for Detroit. Commodities also traded higher, with the Dow Jones-AIG Commodity Index up 3.46%. Even oil futures gained, up $2.90 to $43.91 a barrel. “OPEC is trying its best to keep oil from breaking $40,” one broker told the Wall Street Journal, adding that it’s “still below where they would rather have it priced.”