TIMESONLINE: Shares on Wall Street surged by more than 200 points today on hopes that Barack Obama, America's President-elect, will go ahead with a huge stimulus package that could ultimately exceed $1 trillion.
The Dow Jones industrial average rose 241.65 points to 8,877.07 at midday in New York, following strong gains in London where investors sent stocks soaring to close up 249.88 points or 6.17 per cent to 4,299.2. Germany's DAX ended up 8.5 per cent and France's CAC by 8 per cent.
Earlier, Hong Kong’s Hang Seng index jumped 1,198.78 points, or 8.7 per cent, to 15,044.87 - its highest close in seven weeks - while Japan’s Nikkei 225 average jumped 411.54 points, or 5.2 per cent, to 8,329.05.
At the weekend, Mr Obama gave warning that “things are going to get worse before they get better”.
However, he also announced the biggest public works construction programme since Dwight Eisenhower created the interstate highway system half a century ago.
In his weekly radio address on Saturday, Mr Obama pledged a five-tier rescue plan to create jobs by combining traditional road-building projects with massive investment in new technology and green infrastructure. >>> Catherine Boyle and Tim Reid | December 8, 2008
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