Stocks soared more than 2 percent in a broad rally on Monday as a merger between two big Greek banks provided a rare bit of encouraging news out of debt-stricken Europe.

The Dow Jones industrial average <.DJI> was up 254.41 points, or 2.25 percent, at 11,538.95. The Standard & Poor's 500 Index <.SPX> was up 33.29 points, or 2.83 percent, at 1,210.09. The Nasdaq Composite Index <.IXIC> was up 82.26 points, or 3.32 percent, at 2,562.11.

(Reporting by Edward Krudy; Editing by Leslie Adler)