Stocks, euro rise on German-Franco crisis pledge

World stocks and crude oil rallied for a fourth straight session on Monday while the euro jumped after Germany and France pledged to unveil new measures to resolve a festering euro zone debt crisis within a month.

Wall Street gained more than 2 percent and European markets rose almost as much after German Chancellor Angela Merkel and French President Nicolas Sarkozy said on Sunday their goal was to come up with a sustainable answer for Greece's debt woes.

Stocks rose across the board in Europe, with economically sensitive sectors performing best, and the S&P 500's 50-day moving average signaled a bullish trend on Wall Street.

The euro rose the most in 15 months against the U.S. dollar while oil gained nearly 3 percent. Still, some investors were skeptical of the European leaders' plan given the lack of detail.

Read Full Article from Reuters

- Posted: 2011-10-10 13:29:58

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