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Stocks surged in the final minutes of trading to close at session highs Monday, led by banks, amid optimism that France and Germany's pledge would help resolve the euro zone debt crisis and rescue the region's struggling financials.
The Dow Jones Industrial Average soared 330.06 points, or 2.97 percent, to end at 11,433.18, logging its best five-day point gain since Dec. 2008, led by BofA and JPMorgan . The Dow has rallied over 1,000 points from last Tuesday's intraday low of 10404.49.
The S&P 500 jumped 39.43 points, or 3.41 percent, to close at 1,194.89. The Nasdaq rallied 86.70 points, or 3.50 percent, to finish at 2,566.05. Both the S&P 500 and Nasdaq are on track for their best month this year.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, finished near 33.
All 10 S&P sectors finished firmly in the black, led by banks and energy.
Government offices and bond markets were closed for the Columbus Day holiday. And with no significant economic indicators or earnings reports, volume was quite light with the consolidated tape of the NYSE at 3.76 billion shares, while 888 million shares changed hands on the floor ahead of a holiday weekend.
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