Investors Embrace Obama Plan, Boost Markets Higher

Investors embraced President-elect Obama's announcement of the largest infrastructure investment plan in fifty years by boosting the markets to a sharply higher close with the Dow soaring 299 points to 8934. Nasdaq jumped 62 points to 1572.

On the upside

James River Coal (Nasdaq: JRCC) stock surged over optimism that President-elect Obama's infrastructure investment plan will benefit the coal producer.

TBS Logistics (Nasdaq: TBSI) reported sharply higher third quarter revenue and earnings.

Shares of Cemex (NYSE: CX) climbed in hopes that President-elect Obama's economic stimulus plan will increase the cement company's revenue.

Hopes that President-elect Obama's infrastructure investment plan will increase construction projects lifted shares of AK Steel Holding (NYSE: AKS).

On the downside

Standard & Poor's is considering lowering the ratings of mortgage insurer PMI Group (NYSE: PMI) saying that the housing market continues to spiral downwards.

Tribune Co. (NYSE: TXA), owner of newspapers such as the Los Angeles Times and Chicago Tribune, filed for bankruptcy protection.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 20 points to 481.