More Investors Believe Worst Is Over
Wall St rallies on Obama infrastructure plan, autos
Mon Dec 8, 2008 4:36pm EST
By Leah Schnurr
NEW YORK (Reuters) Stocks rallied to their highest level in a month on Monday on optimism President-elect Barack Obama’s proposed infrastructure spending could limit the depth of the year-old recession and on hopes for a government bailout of the three U.S. automakers.
In a second straight day of big gains, the broad S&P 500 pushed into positive territory for the month, giving weight to a growing chorus of market pundits who believe the worst is past for stocks. The U.S. equities market has not posted a monthly gain since August, before the collapse of Lehman Brothers sent the credit crisis into overdrive.