Stocks in New York opened higher Monday, looking to pick back up on a four-day rally that left them 9% to 10% higher for last week.
Dow Jones Industrial Average
rose 60 points, to 7284, out of the gate, while the
added 6 points to 762. The
also was tacking on 7 to 1438.
Fed chief Ben Bernanke
reiterated his forecast
Sunday night on "60 minutes" that the recession would probably end this year if efforts to stabilize and reinvigorate shaky banks are successful, although that's a difficult task.
One of the poster children for federal bailouts,
it will pay hundreds of millions in bonus payments
for executives and employees, including those at a business unit that was responsible for losing $40.5 billion last year and positioned the company to have to take $173.3 billion in federal aid.
Moreover, AIG, which is now about 80% taxpayer-owned, disclosed Sunday that roughly two-thirds of that federal aid has been paid out to trading partners, such as banks and municipalities in the U.S. and abroad, to cover contracts insuring against losses.
Meanwhile, Swiss banking giant,
up to 5,000 senior and management jobs in the next few weeks in order to weather the hard times, according to a report in Swiss weekly
On a brighter note,
to the year, mimicking similar comments from
chiefs last week.
In commodities, oil was falling $1.42 to $44.83 a barrel, while gold was tracking $6.70 lower to $923.40 an ounce.
Stocks abroad were largely higher. The FTSE in London was up 2.2%, while the DAX in Frankfurt edged higher by 1.8%. In Asia, Hong Kong's Hang Seng and Japan's Nikkei ended higher by 1.8% and 3.6%, respectively.
Longer-dated Treasuries were falling. The 10-year note was losing 25/32 to yield 3%, and the 30-year was off by 2-10/32, yielding 3.8%. The dollar was stronger against the yen, and weaker vs. euro and pound.