The Dow Jones average rose 936.42, or 11.08%, to 9.387.61. The Dow's previous record for a one-day point gain was 499.19, or 4.93%, in March 2000.
The S&P 500 index advanced 104.13, or 11.58%, to 1.003.35. It was the biggest point gain ever for the S&P 500 and was the biggest percentage gain for the index since March 1933, when it surged 16.6%.
The Nasdaq rose 194.74, or 11.81%, to 1,844.25, its 10th biggest point gain; during the dot-com boom, the index soared as much as 324.83 in one day.
Its percentage gain Monday was second to the 14.2% logged January 2001, the same day that the Nasdaq set its record for a one-day point gain.
About 3.030 stocks advanced on the New York Stock Exchange, while only about 160 declined. But the trading volume of 1.82 billion shares was lighter than it had been last week.
On Sunday leaders from the eurozone countries discussed an action plan in a joint response to the unfolding financial crisis at their first ever summit in Paris.
The financial crisis "needs concrete measures and unity. That is what we have today," French President Nicolas Sarkozy, who hosted the emergency summit with his counterparts from the other 14 eurozone members, said at a press conference.
In a joint declaration after the summit, eurozone leaders pledged to "act together in a decisive and comprehensive way in order to restore confidence and proper functioning of the financial system, aiming at restoring appropriate and efficient financing conditions for the economy."
Among those agreed measures, President Sarkozy said governments, acting on national basis, would buy into banks to boost their finances and temporarily guarantee bank refinancing to ease the credit crunch.
Eurozone leaders said each member state would supply additional capital to financial institutions by acquiring preferred shares or other instruments including non-dilutive ones so as to allow financial institutions to continue to ensure the proper financing of the eurozone economy.
However, financial institutions have to accept additional restrictions, they warned.
This measure mirrored a British bailout plan unveiled last week.
The British government announced on 8 October a massive plan which would inject 50 billion pounds ($87 billion) into its banks through the purchase of preferred shares.
Article published courtesy of BuaNews-Xinhua
