Mon, December 14, 2009
Business > Markets

US stocks push higher at open after Dubai, Citi deals

2009-12-14 15:00:33 GMT2009-12-14 23:00:33 (Beijing Time)  SINA.com

Stocks rose in early trading Monday after Abu Dhabi provided a surprise $10 billion bailout to Dubai to help with debt repayments.

The deal, which also sent world markets mostly higher, helped ease fears that the emirate of Dubai would default on its debt and usher in a new round of global credit problems.

Separately, Citigroup Inc. said it would paying back $20 billion in bailout money it received as part of the U.S. government's Troubled Asset Relief Program. The government will also sell its 34 percent stake in the company.

Last week, Bank of America Corp. repaid the entire $45 billion it owed U.S. taxpayers as part of TARP.

In other corporate news, Exxon Mobil Corp. said it would acquire XTO Energy for $31 billion in stock. The deal is part of Exxon's move to acquire valuable natural gas fields.

The Dow Jones industrial average rose 28.27, or 0.3 percent, to 10,499.77. The Standard & Poor's 500 index rose 5.31, or 0.5 percent, to 1,111.72, while the Nasdaq composite index rose 11.21, or 0.5 percent, to 2,201.52.

(Agencies)

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