Wall Street rallies on Obama stimulus plan and autos

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By Ellis Mnyandu

NEW YORK (Reuters) - U.S. stocks rose on Monday as investors bet that President-elect Barack Obama's plan for major infrastructure investment would help avert a deeper slump in the economy.

Shares of companies likely to be among the big beneficiaries of major construction projects, including Caterpillar Inc and chemical company DuPont , were standouts, along with shares of energy companies.

Investor sentiment also got a boost from signs that the Big Three automakers -- General Motors , Ford and Chrysler -- were closer to obtaining a government financial lifeline to avert possible bankruptcy. GM jumped 13 percent and Ford rose nearly 6 percent.

"With what Obama said at the weekend, that helped overseas markets and we're seeing follow-through here in the U.S. as well," said Alan Lancz, president of Alan B. Lancz & Associates Inc., an investment advisory firm in Toledo, Ohio. "News of a strong stimulus is the reason you're seeing stocks of hard assets like copper, cement up."

The Dow Jones industrial average <.DJI> climbed 220.62 points, or 2.55 percent, to 8,856.04. The Standard & Poor's 500 Index <.SPX> gained 22.25 points, or 2.54 percent, to 898.32. The Nasdaq Composite Index <.IXIC> rose 33.77 points, or 2.24 percent, to 1,543.08.

After Friday's dismal payrolls data showed the economy shed more than half-a-million jobs in November, Obama took center stage at the weekend by outlining plans for the largest infrastructure investment since the 1950s.

Obama, who takes office on January 20, said he aimed to create at least 2.5 million new jobs by 2011. Analysts say Obama's plan could cost at least $500 billion.

Caterpillar shares climbed to $41.11 on the New York Stock Exchange, while Chevron rose 5 percent to $78.19. Shares of GM rose to $4.62, and Ford shares climbed to $2.87.

DuPont shares rose to $25.31, as shares of aluminum producer Alcoa gained 4.8 percent to $25.29.

The surge put the market a whisker away from swinging into positive territory for this month. Markets were also 5 percent higher in Europe.

Since making a fresh bear market low on November 21, the stock market has increasingly been shrugging off even the most disappointing news, raising hopes of an intermediate term bottom.

The November lows were the market's worst showing in 11 years. Year-to-date the benchmark S&P 500 is off 38.7 percent, but the broad gauge is up 19 percent since hitting the November low.

Manufacturer and Dow component 3M Co , gave a profit warning, sending its shares 1.6 percent lower to $58.91, but the negative impact seemed limited.

The Senate is due back in session on Monday and negotiators hope to have an auto aid package ready that can be quickly approved and sent to President George W. Bush as one of the last measures he signs into law before Obama succeeds him as president.

(Editing by Kenneth Barry)

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