BBC: US shares echoed gains in stock markets worldwide on hopes that new stimulus plans in the US and other countries will revive global economic growth.
The benchmark Dow Jones index was up 261 points or 3% in morning trading in New York, shrugging off Friday's grim unemployment numbers.
In the UK, the FTSE 100 ended up 6.2%, while Germany's Dax added 7.6%, and France's Cac finished up 8.7%.
Earlier in the day, stock markets around Asia also raced ahead.
The Dow Jones added 261 points to 8,897 by late morning, while the broader S&P 500 and the technology-dominant Nasdaq also gained.
"Despite bad US jobs data [announced on Friday], markets are gaining on a sense that they've hit the bottom and expectations for economic stimulus measures being put out by many governments," said Hiroake Osakabe at Chibagin Asset Management.
Other analysts were less optimistic that the rally would be sustainable while consumers and businesses were unable to access affordable bank loans.
"There's a chance we could be higher for the day, but I'd be very cautious about jumping in with both feet," said Scott Fullman, director of derivative investment strategies with WJB Capital. >>> | December 8, 2008
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