Stocks end trading day with big gains

Richard Drew / AP

Trader Richard Scardino works on the floor of the New York Stock Exchange on Monday.

Stocks ended trading Monday with substantial gains. Investors seemed heartened by news that Germany and France, the European Union?s largest economies, were devoted to get a grip on the Union?s debt issues.

The major indexes rocketed from the opening bell and plateaued within an hour, where they stayed for most of the day.

According to preliminary calculations, the Dow Jones Industrial Average rose 329.83, or 2.97 percent, to 11,432.95. The S&P 500 was 39.43 higher, or 3.41 percent, to 1,194.89. The Nasdaq was up 86.70, or 3.50 percent, to 2,566.05.

German Chancellor Angela Merkel and French President Nicolas Sarkozy said Sunday they would ?do everything necessary to ensure the recapitalization of Europe?s banks.? And, although they provided no details, investors seemed heartened by the announcement.

Investors were also relieved that troubled Franco-Belgian bank Dexia would be partially nationalized, the Associated Press reported. Dexia needed rescue because owns large amounts of government bonds of indebted countries like Greece and Italy.

?We?re getting signals on a lot of fronts that the end of the crisis is coming,? said Valerie Gastaldy, head of the Paris-based technical analysis firm, Day By Day, told the New York Times. ?

Stocks have posted steady gains since the S&P tumbled into near-bear territory last week.

October is traditionally a bearish time for the markets. Will it be true this year? Chris Johnson, Johnson Research Group CEO, and Quint Tatro, Tatro Capital founder and president discuss the issue with CNBC.

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Source: http://bottomline.msnbc.msn.com/_news/2011/10/10/8256849-stocks-end-trading-day-with-big-gains

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