New York – Stocks rose sharply in the U.S. and Europe Monday after French and German leaders promised to strengthen European banks. The Dow Jones industrial average jumped 329 points to close at 11,432.
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German Chancellor Angela Merkel and French President Nicolas Sarkozy said they would finalize a “comprehensive response” to the debt crisis by the end of the month, including a plan to make sure that banks have adequate capital.
“The more we can put our arms around the problem with a little more detail, the better, and time frames usually help,” said Michael Sansoterra, a portfolio manager at Silvant Capital Management in Atlanta.
Someone should explain to the occupy wall street protestors how saving banks help the average person.