U.S. markets zoom up Monday

U.S. markets surged ahead Monday after European leaders announced plans to shore up their financial systems.

The New York Times reported Britain would inject $64 billion into three banks that would end up partially nationalized. The German government proposed setting up a $671 billion financial market stabilization fund, CNNMoney reported. Eurozone leaders were also poised to announce a menu of alternatives for member nations, the Times said.

Morgan Stanley's shares took a big leap, gaining 57.23 percent, while Bank of America shares rose 5.89 percent.

The Dow Jones industrial average was up 548.06 points or 6.42 percent to 8,993.83. The Standard & Poor's 500 climbed 59.80 or 6.65 percent to 959.02. The Nasdaq composite index gained 119.49 or 7.24 percent to 1,769.00.

The benchmark 10-year U.S. Treasury bond was unchanged, yielding 3.88 percent.

The dollar was mixed. The euro rose to $1.3497, compared to $1.3413 Friday. Against the Japanese yen, the dollar rose to 100.98 yen, up from 100.25 yen.

In Hong Kong, the Hang Seng index gained 10.24 percent to 16,312.16, up 1,515.29. The Tokyo market was closed for a holiday.

The FTSE 100 index in London gained 280.80 points, or 7.14 percent to 4,212.90.