Looks like a lot of investors are shouting "Yahoo!" this morning, and it's not just shareholders of the Internet company that fired its CEO late Tuesday evening, said it might be up for sale and saw its stock pop 7 per cent in afterhours trading on the Nasdaq.
Equity investors around the world saw their screens flooded with green amid speculation Washington may unveil a $300-billion (U.S.) package to create new jobs when President Barack Obama speaks on Thursday.
Dow futures rose 1 per cent to 11,240, while S&P 500 futures gained 1.2 per cent to 1,178, about two and a half hours before Wall Street opened for business.
The MSCI world equity index rose 1.1 per cent after hitting its lowest since August 22 on Tuesday. Britain's FTSE 100 rose 1.7 per cent, France's CAC 40 leapt 2.4 per cent and Germany's DAX surged 2.4 per cent as well. Japan's Nikkei gained 2 per cent and Hong Kong's Hang Seng 1.7 per cent.
Bund futures and U.S. Treasuries fell after CNN cited Democratic sources as saying that Mr. Obama plans to lay out the job-creation package on Thursday, with the proposed new spending offset by budget cuts .
Reports in the Chinese media that Beijing might ease monetary policy in coming months also raised hopes that the world’s second biggest economy can avoid a hard landing.
Gold slipped 1.7 per cent to $1,840.90 (U.S.).
U.S. crude oil rose 1 per cent to $86.86 a barrel.
And as for Yahoo -- Research In Motion shareholders , are you listening?