Stocks jumped on Monday, with the Dow and S&P 500 gaining 4 percent after the U.S. government released the details of a plan to clean out toxic assets from banks' balance sheets.
Energy shares, which gained as the price of oil rose three percent to above $53 a barrel. also boosted the indexes. Among gainers, Chevron
Bank shares rallied following details of the Treasury's latest plan, which is geared at unlocking tight credit markets with help from private investors and is a key part of the government's efforts to revitalize the recession-hit economy.
The Dow Jones industrial average <.DJI> rose 293.50 points, or 4.03 percent, to 7,571.88. The Standard & Poor's 500 Index <.SPX> climbed 31.11 points, or 4.05 percent, to 799.65. The Nasdaq Composite Index <.IXIC> gained 51.85 points, or 3.56 percent, to 1,509.12.
(Reporting by Leah Schnurr, Editing by Chizu Nomiyama)