Asian stocks rose Monday as U.S. President-elect Barack Obama laid out over the weekend a recovery plan that saves or creates more than 2 million jobs while investing in the country's roads and schools.
Japan's Nikkei 225 stock average rose 4.7% to 8288.25. The Hang Seng index in Hong Kong rose 7.5% and the S&P/ASX 200 index in Australia was higher by 4.3%.
Chinese leaders began weighing possible plans Monday to expand a massive stimulus package with higher spending on health and social programs amid signs an economic slowdown is worsening. The Shanghai composite index rose more than 3%.
Premarket futures in the U.S. suggested a higher opening for stocks on Wall Street Monday.
Obama said his plan would put millions of people to work by "making the single largest new investment in our national infrastructure since the creation of the federal highway system in the 1950s."
U.S. stocks on Friday rose as investors pushed through an ugly employment report from the Labor Department and dismal housing data from the Mortgage Bankers Association.
Dow Jones Industrial Average
, down some 257 points earlier in the day, ended up 259.18 points, or 3.1%, to 8635.42, and the
added 30.85 points, or 3.7%, to 876.07. The
climbed 63.75 points, or 4.4%, to 1509.31.
Oil prices bounced off four-year lows to near $43 a barrel Monday in Asia after OPEC's president suggested the group could surprise investors with a large production cut later this month. The price of a barrel of oil rose $1.62 to $42.43 in electronic trading on the
New York Mercantile Exchange
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