Market Summary For Wednesday, March 4, 2009

The Dow Jones Industrials jumped more than 150 points on speculation that China will undergo its own economic stimulus plan. Stocks such as heavy equipment maker Caterpillar and alunimum companies like Alcoa and Kaiser Alunimum led the charge.

In other news:

General Electric (GE) traded at an 18 year low hitting $5.73 at one point in the session. The stock bounced higher to close at 6.69 after the company refuted claims that its GE Capital arm would need additional capital to survive.

Bank of America (BAC) CEO Ken Lay admitted that his company made a "tactical mistake" in asking for $20 billion in federal funds to assist its purchase of Merrill Lynch.

Shares of ailing video rental company Blockbuster Video rose from the dead as it soared to over +360% in the session after it said it won't be going into bankruptcy. The stock closed at $0.47, up 113%.

Amazon.com (AMZN) announced today that they are offering an application that will run on the iPhone and iPod Touch that will let users shop for Kindle books online. Shares of Amazon closed up 5%.

Ford Motors (F +3.3%) said it will eliminate up to $10.4 billion in debt by paying debtors with cash from Ford Credit and stock.

Wall Street Journal is reporting that Universal Music Group and Google (GOOG) are in talks to partner a deal where YouTube will distribute music video and ads for UMG.

Freddie Mac (FRE) said it will suspend foreclosures on mortgages eligible under the Fed's unveiling of the Home Affordable Modification Program today. "We look forward to working with lenders, servicers, nonprofits, the Administration, and the Federal Housing Finance Agency, over the coming months as this vital initiative is fully implemented and injects new stability into the nation's housing market" said John Koskinen, chairman of the board.