U.S. markets edge up
NEW YORK, Dec. 2 (UPI) -- U.S. stock indexes edged up Tuesday as investors waited for November's auto sales results, expected to be unimpressive at best.
The Dow Jones industrial average rose 186.45 points or 2.29 percent to 8,335.54 in late-morning trading. The Standard and Poor's 500 was up 21.49 or 2.63 percent to 837.70. The Nasdaq index gained 34.13 or 2.44 percent to 1,432.20.
The benchmark 10-year U.S. Treasury bond fell 10/32 to yield 2.7 percent.
The dollar was mixed Tuesday. The euro rose to $1.2726, compared to Monday's $1.2594. Against the Japanese yen, the dollar rose to 93.493 yen, up from Monday's 93.21 yen.
In Tokyo, the Nikkei average fell 6.35 percent, losing 533.53 points to 7,863.69.
China's economy to grow 9 percent in 2009
BEIJING, Dec. 2 (UPI) -- A Chinese think tank said Tuesday the Chinese economy would grow 9 percent or more in 2009 after 9.8 percent growth for 2008.
The China Academy of Social Sciences has quelled some fears of a major economic slowdown in China, but the annual Blue Paper report said employers would start cutting jobs next year, the China Daily reported.
Others are projecting the down year for employment would accelerate declines in property prices, which could tumble up to 30 percent in major cities, like Beijing, Shanghai and Guangzhou next year.
The government announced a $600 billion stimulus plan last month, which could prop up consumption of industrial commodities, like metals, including steel.
Industrial production is projected to rise 7 percent in November, compared with November 2007, the Daily said.
Online sales jumped on Cyber Monday
NEW YORK, Dec. 2 (UPI) -- Market researchers said online shopping perked up dramatically on Cyber Monday, the digital deal-making day that is the Internet's answer to Black Friday.
Web monitor Akamai Technologies said a record 6.7 million visitors per minute clicked on approximately 280 Internet retail sites by 3 p.m. Monday, up from last year's 4.6 million visitors per minute tally, the newspaper said.
"Things are better than expected," said David Fry, whose company operates online retail sites for major retail chains. Traffic was up 30 percent to 60 percent and revenue up 10 percent to 20 percent compared with a year ago, he said.
Bailout to get first official critique
WASHINGTON, Dec. 2 (UPI) -- One of three oversight mechanisms for the $700 billion Emergency Economic Stability Act is scheduled kick into action in Washington.
The Government Accountability Office will give Congress the first of its bimonthly reports on the bailout's progress Tuesday, CNNMoney reported.
U.S. Treasury Secretary Henry Paulson Jr. and Federal Reserve Chairman Ben Bernanke have said the liquidity measures have begun to free up credit, although some are expecting faster results and others have complained purchasing equity in financial firms hasn't done enough to help troubled homeowners.
The Treasury has spent $150 billion buying preferred shares in 52 institutions, CNNMoney reported.
"We expect banks to increase their lending as a result of these efforts," Paulson said Monday.
"This lending won't materialize as fast as any of us would like but it will happen much, much faster as confidence is restored."
A congressional panel charged with monitoring the bailout plan could issue its first report by the end of the year.
Congress has yet to confirm President George Bush's nominee for inspector general of the program. Bush nominated Neil Barofsky, a New York federal prosecutor, for the job.
