Dow shoots up 330 points

U.S. markets rocketed up Monday following gains in Europe sparked by comments from Germany's chancellor and France's president concerning bank rescues. Chancellor Angela Merkel and President Nicolas Sarkozy met Sunday and announced they were working out plans to recapitalize Europe's banks and restructure Greece's debt. Details were sparse, indicating the negotiations were far from over, but investors in Europe were encouraged by the news. By close of trading on Wall Street, the Dow Jones industrial average added 330.06 points, 2.97 percent, to 11,433.18. The Standard & Poor's 500 index added 39.43 points, 3.41 percent, to 1,194.89. The Nasdaq composite index gained 86.70 points, 3.5 percent, to 2,566.05. On the New York Stock Exchange, 2,797 stocks advanced and 266 declined on a volume of 3.7 billion shares traded. The benchmark 10-year treasury note fell 23/32 to yield 2.068 percent. The euro rose to 0 $1.3644 from Friday's $1.3377. Against the yen, the dollar fell to 76.72 yen from Friday's 76.77 yen. In Tokyo, the Nikkei 225 index gained 0.98 percent, 83.60, to 8,605.62. In London, the FTSE 100 index added 1.8 percent, 95.60, to 5,399.00.