Wall Street surges 2% on Greek bank deal; trade thin
US stocks soared more than 2 percent in a broad rally on Monday as a merger between two big Greek banks provided a rare bit of encouraging news out of debt-stricken Europe.
The Dow Jones industrial average was up 254.71 points, or 2.26 percent, at 11,539.25. The Standard & Poor's 500 Index was up 33.28 points, or 2.83 percent, at 1,210.08. The Nasdaq Composite Index was up 82.26 points, or 3.32 percent, at 2,562.11.
European shares rose in a low volume, cyclical-led technical bounce to start the week in the black, buoyed by US economic data and expectations the US Federal Reserve will act again next month to stimulate growth in the world's largest economy.
The FTSEurofirst 300 index had added 1.3 percent in volume just two-thirds of its 90-day daily average. The positive start to the week built on a 1 percent gain last week, which snapped a four-week losing streak.
The Nikkei stock average climbed higher for a third straight day; also tracking climbs in US stock futures after US Federal Reserve Chairman Ben Bernanke raised expectations for more stimulus for the world's largest economy.The benchmark Nikkei ended up 0.6 percent at 8,851.35 but down from an intraday high of 8,926.27. Last week it marked its first weekly gain in five weeks. The broader Topix index climbed 0.4 percent to 758.83.
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