US stocks climbed to a two-month high, following the market's worst annual drop since the great depression, as General Motors got its first cash infusion from the government and rising oil prices lifted energy shares.
General Motors rallied 14% after receiving USD 4 billion in rescue loans from the treasury to help the company ignore collapse.
Crude rose to USD 46 to a barrel levels, capping the biggest weekly gain since 1986, as the conflict in Gaza increased concern that West Asian supplies would be cut and Russia curbed natural- gas shipments to Ukraine.
The Dow gained 258.30 points, or 2.94%, to 9,034.69. The S&P 500 index advanced 28.55 points, or 3.16%, to 931.80. The Nasdaq composite index rose 55.18 points, or 3.50%, to 1,632.21.
Monday, January 5, 2009
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