US stocks higher on auto bailout optimism
(12-11 00:19)
US stocks powered higher amid market optimism a US$15 billion (HK$117 billion) bailout plan for troubled American automakers will be implemented.
The Dow Jones Industrial Average rose 124.73 points (1.44 percent) to 8,816.06 as at 1530 GMT.
The tech-dominated Nasdaq garnered 26.68 points (1.72 percent) to 1,574.02 and the broad Standard & Poor's 500 index added 13.32 points (1.50 percent) to 901.90.
''Hopes are high for a resolution to the dire situation with US automakers, as reports are washing over Wall Street that the White House and congressional Democrats have finally reached an agreement in principle on a US$15 billion bailout plan,'' said Joseph Hargett of Schaeffer's Research.
AGENCE FRANCE-PRESSE
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