Wall Street had a strong start to the week, after President-elect Barack Obama outlined his economic stimulus plans and indications that Congress will help Detroit's automakers stave off bankruptcy.
Over the weekend, Obama outlined plans to invest in infrastructure, energy and construction projects to spur the U.S. economy out of its year-long recession and create jobs. The proposals came after the Labor Department said the economy shed 533,000 jobs in November.
The major averages started the day higher, as the Dow Jones industrial average gained 269 points, or 3.1%, to 8,904, shortly into the session. The Standard & Poor's 500 was up 31 points, or 3.5%, to 907, while the Nasdaq added 43 points, or 2.9%, to 1,553.
According to TradeTheNews.com, Democrats in Congress and the Bush administration have agreed to the framework of a deal that provide loans to General Motors
Still, the news out of corporate America was not all good over the weekend and Monday morning. More job cuts are on the way, from companies like 3M
3M announced over the weekend that it would cut 1,800 jobs in the fourth quarter, and on Monday morning the diversified company cut its 2008 earnings guidance to reflect the global economic slowdown. Shares of the Dow component were up 22 cents, or 0.4%, to $60.07, during the broad rally early Monday.
Dow Chemical said it will lay off 5,000 workers and close 20 plants in "high-cost" locations as part of its accelerated restructuring plans. The news sent Dow shares up $1.03, or 5.4%, to $20.03.
The outlook is also uncertain for MetLife, after the insurance company trimmed its fourth-quarter earnings guidance and said it could report a loss for the period. MetLife
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