NEW YORK - US shares leapt at the open on Monday, after rallies in global markets on hopes that a big stimulus planned by president-elect Barack Obama will ease the worldwide financial crisis.

The Dow Jones Industrial Average jumped 171.64 points (1.99 per cent) to 8,807.06 in the first exchanges.

AN INDONESIAN private banking client of Merrill Lynch is embroiled in a legal suit with the United States bank - a likely forerunner of court battles to come amid the financial crisis fallout.

WASHINGTON - THE Dow Chemical Company announced on Monday it would cut about 5,000 full-time jobs, close 20 facilities and divest non-strategic businesses in an aggressive move to cope with dire economic times.

The diversified chemical giant also will suspend operations in 180 plants and significantly reduce its contractor workforce worldwide by 6,000 as it joins other American companies in axing staff amid a deepening recession.