AlQa'dah 13, 1432, Oct 11, 2011, SPA - Stocks surged Monday as investors welcomed a pledge from European leaders to announce a plan by the end of October for solving the euro zone's debt crisis. Over the weekend, German Chancellor Angela Merkel and French President Nicolas Sarkozy said they have crafted a plan to get Europe's debt problems under control. The plan, which will include recapitalizing European banks, will be presented to world leaders at the next Group of Twenty (G20) meeting in Cannes, France on November 3 and 4. There were no U.S. economic reports released Monday. The U.S. dollar fell 2 percent versus the surging euro, and it also fell versus the yen. Light sweet crude oil for November delivery rose $2.43 to $85.41 a barrel on the New York Mercantile Exchange. Gold futures rose $35 to $1,670.80 an ounce. The Dow Jones industrial average rose 330.06, or 3 percent, to 11,433.18. All 30 of the index's components gained. Shares of Bank of America, Citigroup, and J.P. Morgan Chase gained between 3 and 7 percent. The broader Standard & Poor's 500 index rose 39.43, or 3.4 percent, to 1,194.89. The technology-heavy Nasdaq composite index rose 86.70, or 3.5 percent, to 2,566.05. Shares of Yahoo climbed 2.4 percent as talk about a possible buyout of the struggling internet company continued. Netflix shares fell nearly 5 percent after an initial rally as the movie company abandoned a plan announced last month to spin off and rename its DVD streaming business.
