NEW YORK (Reuters) - Stocks rallied on Wednesday, ending a five-day losing streak, as another Chinese stimulus package boosted commodity prices and encouraged investors to jump into energy and natural resource shares.
News that China will increase spending on infrastructure and manufacturing drove oil and metals prices higher, helping to underpin the market after it hit a 12-year low a day earlier.
"The market has been down so long and gone to levels that a lot of investors thought were cheap or undervalued," said Hugh Johnson, chief investment officer of Johnson Illington Advisors in Albany, New York.
"All of the economies are interlinked, so if you can get the first-biggest economy going, the U.S., and the third-biggest economy going, China, then that alone will start bank lending and an increase in the securitization." more...
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