Stocks prices went up Monday after German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed to craft a bailout plan for the Eurozone.
The Dow Jones Industrial Average went up three percent, or 330 points, to close at 11,433. The Nasdaq rose 3.5 percent to close at 2,566 and the Standard & Poor's 500 index rose 3.4 percent to 1,195.
Every single stock on the Dow Jones went up Monday by at least one percent, with banks leading the way. Bank of America shares went up 6.44 percent to $6.28. JP Morgan shares were up 5.21 percent to $32.30.
The plan devised over the weekend by Merkel and Sarkozy, which will come out at the end of the month, will include recapitalizing European banks and dealing with Greece's debt. However, details of the plan were not revealed.
We are very conscious that France and Germany have a particular responsibility for stabilizing the euro, Sarkozy said, standing beside Merkel.
Trading volume was light at 3.8 billion, The Associated Press notes. Bond trading was closed in observance of Columbus Day.