Stocks soar on plan to avoid European debt crisis

by Vicki Needham - 05/10/10 2:45 PM ET

Other U.S. markets, including the Standard & Poor’s 500 Index gained the most intraday since April 2009, up about 4 percent with the Nasdaq also climbing 4 percent.

The move also bolstered the euro as it rose about 2 percent Monday.

The International Monetary Fund and the 16 countries that use the euro have agreed on a $1 trillion bailout plan to support debt-burdened European nations. Markets around the world declined steeply last week on fears of Greece’s debt issues that led to riots. The Federal Reserve also said it would provide loans overseas.

Tags