Brazil Stocks Up on Plans to Boost Global Economy

By THE ASSOCIATED PRESS
Published: December 8, 2008
Filed at 5:56 p.m. ET
SAO PAULO, Brazil (AP) -- Brazilian and Mexican stocks soared Monday amid renewed investor confidence in President-elect Barack Obama's plan to dramatically ramp up infrastructure spending and reports that China could increase a $586 billion stimulus package.
Brazil's Ibovespa index leaped 8.3 percent to close at 38,285, while Mexico's IPC jumped 5.4 percent to close at 21,169.
Brazil's currency, the real, weakened against the U.S. dollar.
Wall Street extended its rally to a second session Monday as investors grew optimistic that Obama could help boost the crippled economy while a bailout of ailing U.S. automakers appears to be falling into place.
Brazilian companies are major exporters, and have been hit hard by declining global demand for the country's products.
Argentine, Chilean and Colombian markets were closed Monday for a national holiday.