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Stocks hold onto gains in early afternoonStocks held onto their gains in early afternoon trading Monday as investors seemed to take heart in the leaders of the German and French governments’ pledge to shore up European banks.
The Dow Jones Industrial Average was up 2.5 percent. The S&P 500 was almost 2.9 percent higher and the Nasdaq had climbed more than 3 percent.
The major indexes had surged from the opening bell, in large part driven by German Chancellor Angela Merkel and French President Nicolas Sarkozy said they would finalize a "comprehensive response" to the debt crisis by the end of the month. Making sure the banks have adequate capital will be part of the plan, the Associated Press reported.
"The more we can put our arms around the problem with a little more detail, the better, and time frames usually help," said Michael Sansoterra, a portfolio manager at Silvant Capital Management in Atlanta told the Associated Press.
European markets were also up amid the news.
“We’re getting signals on a lot of fronts that the end of the crisis is coming,” said Valerie Gastaldy, head of the Paris-based technical analysis firm, Day By Day, told the New York Times.
Trading volume was expected to be light due to the Columbus Day holiday.
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The Dow Jones Industrial Average was up 2.5 percent. The S&P 500 was almost 2.9 percent higher and the Nasdaq had climbed more than 3 percent.
The major indexes had surged from the opening bell, in large part driven by German Chancellor Angela Merkel and French President Nicolas Sarkozy said they would finalize a "comprehensive response" to the debt crisis by the end of the month. Making sure the banks have adequate capital will be part of the plan, the Associated Press reported.
"The more we can put our arms around the problem with a little more detail, the better, and time frames usually help," said Michael Sansoterra, a portfolio manager at Silvant Capital Management in Atlanta told the Associated Press.
European markets were also up amid the news.
“We’re getting signals on a lot of fronts that the end of the crisis is coming,” said Valerie Gastaldy, head of the Paris-based technical analysis firm, Day By Day, told the New York Times.
Trading volume was expected to be light due to the Columbus Day holiday.
.