U.S. stocks surged on Monday (10/10/2011) local time, after Germany and France over the weekend promised to find a robust plan to address the eurozone debt crisis and shore up European banks in recent weeks.
The Dow Jones Industrial Average jumped 330.06 points (2.97 percent) and end at 11433.18. The S & P 500 jumped 39.43 points (3.41 percent) to 1194.89, while the Nasdaq composite index rose 86.70 points (3.50 percent) to 2566.05. Stock piling up profits “after the government leaders in Germany and France said it would develop a plan to recapitalize the banks by the end of the month,” said Sameer Samana at Wells Fargo Advisors.
Trade thinner than usual. Many countries, including the federal and regional governments, as well as the bond market, to commemorate Columbus Day holiday. To-30 leading stocks (blue chip) Dow ended higher just before the third-quarter earnings season that began on Tuesday after the markets closed. Alcoa became the first Dow component to report its finances.
Alcoa shares jumped 3.9 percent on Monday, while Caterpillar rose 4.8 percent. The financial sector benefited thanks to the hope that Europe will increase the capital of the bank suffered due to public debt crisis in Greece, Ireland, and Portugal.
Meanwhile, Bank of America shares jumped 6.4 percent, JPMorgan Chase rose 5.2 percent, and American Express increased 4.7 percent. Apple shares jumped 5.1 percent after it said that pre-orders of new product models smartphone iPhone 4 surpassed one million units in the first 24 hours. This is a record for Apple products.
On the other hand, Netflix reverse weight gains and closed 4.8 percent lower. The company announced that it will not break your e-mail service and rental of video streaming them into the two websites.