New York – Stocks rallied Monday after the EU and IMF agreed to a $1 trillion emergency-bailout package to stem the sovereign-debt crisis.
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The Dow Jones Industrial Average logged a gain of more than 400 points, or 3.9 percent, closing at nearly 10,800. The blue-chip index had pared its gain in the afternoon to about 300-350 before settling near its highs for the day.
The CBOE volatility index was just shy of 30 at the closing bell.
This comes after last week’s nauseating selloff that sent the Dow below 10,400 and the VIX above 40.
Financials, industrials and consumer discretionary — the stocks that got hammered the most last week — led the pack today.
The 16 nations that use the euro and the IMF agreed to a $1 trillion emergency-rescue package to help prevent the sovereign debt crisis from spreading.
Markets world-wide cheered the move as it was much bigger than expected.
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