Bulls Cheer Obama's Stimulus Talk; Dow Gains 3.5%

News of more layoffs in the financial firms continued into the new week. Swiss newspapers reported that UBS (UBS Quote) may cut as many as 4,500 jobs. Last week, another Swiss bank, Credit Suisse (CS Quote), said it plans reduce its headcount by 5,300, primarily in investment banking. UBS rose 9% to $13.63, while Credit Suisse gained 13.4% to $28.11 Monday.

Also making cuts, Dow component 3M (MMM Quote) said Monday it will cut 1,800 jobs next year -- in addition to 1,000 job cuts announced in the third quarter -- and reduced its 2008 guidance. 3M also said that 2009 earnings would be well below consensus targets. The stock gave up 4.1% to $57.38.

Meanwhile, one of the largest chemical makers in the world, Dow Chemical (DOW Quote), said it will cut 5,000 jobs and close 20 plants in an effort to save about $700 million annually by 2010. Chairman and Chief Executive Andrew Liveris said the company will not suspend or reduce its dividend, however. Dow Chemical rallied 7.2% to $20.37.

Beer merger Anheuser Busch-InBev (BUD Quote) also added to the scores of headcount cuts on Monday, saying it will layoff 1,400 employees, or 6% of its U.S. workforce. Shares ended the session flat at $68.58.

The media sector also isn't catching any breaks -- conglomerate Tribune Co. , owner of the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and other properties, filed for bankruptcy protection on Monday. The company, which was last year taken private by real estate titan Sam Zell, filed for protection as it struggles to support $13 billion in debt.