Wall Street
Mark Lennihan  /  AP
FILE - In this March 8, 2010 file photo, a sign for Wall Street is shown near the New York Stock Exchange. Stock futures skyrocketed Monday, May 10, 2010, after European leaders agreed to a nearly $1 trillion rescue plan to avoid a major debt crisis and the U.S. Federal Reserve said it would also provide loans overseas.(AP Photo/Mark Lennihan, file)
By AP Business Writer
updated 5/10/2010 9:42:17 AM ET 2010-05-10T13:42:17

Stocks are surging after European leaders agreed to a nearly $1 trillion rescue plan to avoid a major debt crisis and the U.S. Federal Reserve said it would also provide loans overseas.

The 16 countries that use the euro and the International Monetary Fund have agreed to create a nearly $1 trillion rescue fund to support European nations burdened by debt. Markets around the world plummeted last week as fears escalated that Greece's debt problems would spread and upend a global economic recovery.

In the opening minutes of trading, the Dow Jones industrial average is up 404, or 3.9 percent, to 10,786. The Standard & Poor's 500 index is up 39, or 3.5 percent, to 1,150.20. The Nasdaq composite index rose 103, or 4.5 percent, to 2,368.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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