Stocks opened higher across the board as investors expected a plan by President-elect Obama to expand the nation's infrastructure to bolster the economy. The Dow surged nearly 250 points to 8882 while Nasdaq leaped 40 points to 1550.
On the upside
Shares of General Motors (NYSE: GM) and Ford (NYSE: F) rose on expectations that Congress will likely give the automakers a lifeline for the next few months in exchange for aggressive concessions.Chesapeake Energy (NYSE: CHK) cancelled a previously-announced stock offering and will sale assets to raise capital.
Shares of Hardford Financial Services (NYSE: HIG) continued to rally after the insurer reaffirmed its outlook for the year.
An analyst upgraded Leap Wireless (Nasdaq: LEAP) which provides digital phone services for consumers.
On the downside
Allos Therapeutics (Nasdaq: ALTH) announced that 27% of patients responded to a cancer drug treatment and would submit the drug to the FDA for approval. A previous test had yielded similar results. Investors sold off on the news.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 15 points to 476.
