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

Updated from 4:09 p.m. EST

Stocks in New York rallied Monday as investors lauded a massive infrastructure stimulus plan President-elect Obama outlined over the weekend and as White House officials said a deal with Congress to rescue U.S. automakers is imminent.

The Dow Jones Industrial Average, which at one point traded above the 9000 mark, finished up 298.76 points, or 3.5%, at 8934.18. The S&P 500 gained 33.63 points, or 3.8%, to 909.70, and the Nasdaq tacked on 62.43 points, or 4.1%, to 1571.74.

The president-elect spurred investor enthusiasm with his intention to launch the single largest investment in the nation's infrastructure since the creation of the federal highway system in the 1950s. The plan could create as many as 2.5 million jobs by 2011, according to the upcoming administration. ...