Summary Box: Dow surges 330 on hope for Europe

AP News
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Posted: Oct 10, 2011 5:31 PM
Summary Box: Dow surges 330 on hope for Europe

HOPE FOR EUROPE: Indexes soared in the U.S. and Europe after French and German leaders promised to strengthen European banks. 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.

DEXIA RESCUED: Investors were relieved that troubled Franco-Belgian bank Dexia would be partially nationalized. Dexia needed a rescue because owns large amounts of bonds from indebted countries like Greece.

ANOTHER REVERSAL: It's a dramatic turnaround from last Tuesday, when the S&P 500 index nearly fell enough to meet the definition of a bear market. Since then the widely used index has soared 8.7 percent.