By AP Business Writers, AP Business Writers
updated 5/10/2010 11:49:44 AM ET 2010-05-10T15:49:44

Stocks are rocketing higher and bond prices are sliding after investors were reassured by a nearly $1 trillion plan to avoid a European debt crisis.

Major U.S. stock indexes are up more than 4 percent Monday after 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 heavy debt.

Markets plummeted last week on fears that Greece's debt problems would spread and upend a global economic recovery.

At midday, the Dow Jones industrial average is up 420 at 10,800. The Standard & Poor's 500 index is up 48 at 1,159. The Nasdaq composite index is up 100 at 2,366.

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 This material may not be published, broadcast, rewritten or redistributed.

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