China pumps huge money into its economy.

China announced an absolutely huge economic stimulus plan on Sunday aimed at bolstering its weakening economy, a sweeping move that could also help fight the effects of the global slowdown. At a time when major infrastructure projects are being put off around the world, China said it would spend an estimated $586 billion over the next two years — roughly 7% of its GDP each year — to construct new railways, subways and airports and to rebuild communities devastated by an earthquake in the southwest in May.

Following the news, the price of oil climbed more than $4 a barrel today to $65.32. Although analysts had been expecting China to announce a stimulus package, they had not been expecting anything of this magnitude or aggression.