Positive news out of Europe lifts market
NEW YORK — Stocks rocketed to their biggest gain in a year and bond prices fell yesterday after a nearly $1 trillion plan to contain Europe's debt crisis reassured investors.
The Dow Jones industrial average rose about 405 points to its biggest advance since March 2009. Broader U.S. indexes outpaced the Dow's 3.9 percent rise. Gains in several European markets topped 9 percent.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.54 percent from 3.43 percent late Friday. The drop in demand for safety holdings like Treasurys signaled investors are less afraid Europe's debt problems will endanger a global recovery.