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Stocks surge on effort to ease Europe debt crunch

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.