Chinese Stimulus Package Boosts Markets To Higher Close

Another economic stimulus package announced by the Chinese government boosted investor sentiment to lift the markets to a higher close after five days of declines. The Dow leaped 150 points to 6876 while Nasdaq jumped 33 points to 1354.

On the upside

URS (NYSE: URS) reported higher fourth quarter earnings and forecast fiscal 2009 results in line with estimates.

Goldman Sachs upgraded Celanese (NYSE: CE) citing growth opportunities and its attractive stock price.

Global Crown Capital upgraded Altera (Nasdaq: ALTR).

On the downside

Atlas Pipeline Partners (NYSE: APL) blamed goodwill and impairment charges for widening fourth quarter losses.

Allied Irish Banks (NYSE: AIB) blamed significant debt write-offs for 2008 profits that plunged from last year.

Wells Fargo's (NYSE: WFC) long term ratings was placed on review for a possible downgrade by Moody's Investors Service.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 371.