The big global news: China's cabinet has approved measures to reverse an export decline that has threatened to throw many of the Chinese people out of work. The moves include more bank lending, greater tax rebates, and support for export credits, all in an effort to boost the world's second-biggest economy.
The markets liked that idea, as U.S. stocks surged to their biggest gain since March 11. The S&P 500 and the Dow Jones Industrial Average both rose by 1.3 percent on the day.
All 10 industrial sectors of the Standard & Poor's 500 index finished higher yesterday, but the biggest winners were energy, chemicals and machinery companies. Companies that make basic building materials, chemicals, building and mining equipment, and aircraft would seem to benefit most from greater sales to China.