Stocks Jump on Citi Rescue

Stocks kept Friday’s good mojo going this morning, after the government announced a massive plan to prop up Citigroup. The Dow rose 145 points at the open, as Citi shares leaped 57%, and pulled the rest of the sector with them. Bank of America rose 13%, while Morgan Stanley jumped 14% and Goldman Sachs 8%, the Wall Street Journal reports.

The Nasdaq and S&P added 1.8% and 1.9% respectively. The gains follow a stellar session for London’s FTSE, which rose 4.5%. But Asian markets were less rosy, with the Hang Seng down 1.35%. Oil futures climbed $1.69, up to $51.62. Traders are anxiously awaiting today’s announcement of Barack Obama’s economic team; the Journal reports that Obama is constructing a $500 billion stimulus package. (More stock market stories.)