Stocks in New York opened Monday higher -- in line with overseas rallies -- after President-elect Obama over the weekend announced plans for the single largest new investment in the nation's infrastructure since the creation of the federal highway system in the 1950s.
Dow Jones Industrial Average
was up 182 points at 8818, and the
was adding 20 points at 896. The
was gaining 31 points at 1540.
Stocks reversed to close in positive territory on Friday -- but indices were still down for the week after uncertainty about a Congressional bailout for the automakers, worse than expected
from the Department of Labor, and news of more layoffs from several large firms.
News of more layoffs in the financial firms continued into the new week. Swiss newspaper
may cut 4,500 jobs, while a second Swiss newspaper,
, said 3,000 to 4,000 positions at UBS could be eliminated. Last week, Swiss bank
said it plans reduce its headcount by 5,300, primarily in investment banking.
In other company news, Dow component
said Monday that it will cut 1,800 jobs next year -- in addition to 1,000 job cuts announced in the third quarter-- and reduced 2008 guidance. 3M also said that 2009 earnings would be well below consensus targets.
Traders were still awaiting resolution and details of a proposed automaker rescue plan at the start of the week. President Bush is urging action on $25 billion in proposed emergency loans for
Shifting to commodities, crude oil was rising $2.97 to $43.78 a barrel. Gold was gaining $27 to $779.20 an ounce.
Longer-dated U.S. Treasury securities were rising in price. The 10-year was gaining 8/32 to yield 2.73%, and the 30-year was adding 14/32, yielding 3.15%. The dollar was weaker against the euro and pound, and higher versus the yen.
Overseas, European exchanges such as the FTSE in London and the DAX in Frankfurt were trading significantly higher -- up 5.7% and 7.3%, respectively. In Asia, Japan's Nikkei ended higher, while Hong Kong's Hang Seng also ended with gains.