Stocks rally advances on German, US stimulus plans

NEW YORK: Global stocks mostly rose on Wednesday after US congressional leaders reached a deal on a mammoth stimulus bill, although the Dow cut its gains on signs the legislation could be delayed.

The US$2 trillion measure agreed in the wee hours of Wednesday morning by US Senate leaders would put cash directly into the hands of millions of Americans hit hard by the crisis, provide grants to small businesses and hundreds of billions of dollars in loans for larger corporations including airlines.

The new borrowing blasts through a financial crisis-era constitutional rule drastically limiting budget deficits.

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