Wall Street soars, Dow back above 11,000

By Al Olson

What a difference a weekend makes.

Stock prices soared Monday, with market indexes rising to?session highs in the final hour of trading as blue-chip issues clawed back some of the losses suffered in last week?s bloodbath. The Dow soared about 275 points, shooting back over 11,000.

According to preliminary calculations, the Dow Jones industrial average closed the trading day up 272.38 points, or 2.53 percent, to 11,043.86. The broader S&P 500 climbed 26.52, or 2.33 percent, to 1,165.95. The tech-heavy Nasdaq rallied out of negative territory to close up the day 33.46 points, or 1.35 percent, to 2,516.69.

Last week, the Dow tumbled 6.4 percent, its biggest drop since the week ended Oct. 10, 2008 -- the height of the financial crisis.?

The market apparently was buoyed by optimism Monday that European finance ministers will take appropriate steps to prop up the region's unstable economies.

According to The Associated Press:

European officials pledged over the weekend to take bolder steps to fight Europe's debt problems, which threaten to slow the global economy. The finance ministers offered few specifics about their next steps, but markets are sensitive to every piece of news coming out of the region.?

"Perhaps it's just the fact that the talks didn't break down," said Jack Ablin, chief investment officer at Harris Private Bank.?

European leaders have not been able to agree on the next steps they will take. German leaders want banks and private institutions that hold Greek bonds to take a bigger loss on those holdings to reduce Greece's debt burden. European officials have also talked about increasing the size of Europe's $595 billion rescue fund by allowing it to take loans from the European Central Bank.

Click here for the?biggest gainers and losers of the day.

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Neil Hennessy, The Hennessy Funds, and Peter Coleman, JMP Securities, discuss how investors should be positioning themselves as major averages rally on Monday.

Source: http://bottomline.msnbc.msn.com/_news/2011/09/26/7976449-wall-street-soars-dow-back-above-11000

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