US stocks open higher following Citigroup plan
Investors are hoping the US Govt's plan to inject $20 billion into Citigroup and guarantee $306 billion in risky assets will address some of the uncertainty hounding the financial sector.business Updated: Nov 24, 2008 21:36 IST
Wall Street is showing some early relief over the government's plan to bail out Citigroup Inc.
Stocks are rising in the first minutes of trading, extending a big rally from Friday. Investors are hoping the government's plan to inject $20 billion into Citigroup and guarantee $306 billion in risky assets will address some of the uncertainty hounding the financial sector.
The market is also a little more optimistic because President-elect Obama is set to introduce his economic team on Monday and has called for another economic stimulus. Still, the early advance may not last; Wall Street has been known to quickly give back its gains amid the overall uncertainty in the economy.
The Dow Jones industrial average is up 97 at the 8,143 level. All the major indexes are up more than 1 per cent.