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 was up nearly 5 percent.

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)

Chevron Energy