World stock markets recorded big gains this evening on hopes that an economic stimulus package from US president-elect Barack Obama will ease the worldwide financial crisis.
US markets were also boosted by reports that a deal on a rescue for the country's struggling car industry could be agreed quickly. Wall Street markets were up more than 3%. The Dow Jones jumped 259 points to 8,895 while the Nasdaq advanced 49 to 1,558.
Mr Obama said on Saturday that his plan to create at least 2.5 million new jobs included the largest infrastructure investment since the 1950s and a huge effort to reduce US government energy use.
Dublin's ISEQ closed up 145 points (5.8%) at 2,626, with banks among the biggest gainers. In late trading, AIB was 15% ahead at €2.27, while Bank of Ireland was up 11% at €1.09. But food group Kerry dropped 3.4% to €16.13 after the recall of Irish pork products following a contamination scare.
Other European stock markets also posted huge gains, with London's FTSE closing up 251 points (6.2%) at 4,300, helped by mining stocks as commodity prices rose. In Paris the CAC added 8.7% to reach 3,247, while Frankfurt's Dax shot up 7.6% to 4,716. Earlier in Tokyo, the Nikkei ended 5.2% higher at 8,329.
