Dow up 330 points on pledge in Europe bank crisis
A trader on the floor of the New York Stock Exchange watches markets rebound Monday after news of a eurozone pledge to avoid a default by Greece. (Oct. 10, 2011) Credit: AP
Stocks closed sharply higher after the leaders of France and Germany promised to strengthen European banks.
The Dow Jones industrial average soared 330 points, led by Bank of America Corp. The euro rose against the dollar.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said they would finalize a "comprehensive response" to the debt crisis by the end of the month.
The Dow closed up 330.1 points, or 3 percent, to close at 11,433.
The Standard & Poor's 500 index closed with a plus of 39.4, or 3.4 percent, at 1,195. The Nasdaq composite index was up 86.7, or 3.5 percent, at 2,566.1.
Ten stocks rose for every one that fell on the New York Stock Exchange. Trading volume was light at 3.8 billion.
Bond trading was closed for the Columbus Day holiday.
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