Investors who stayed at the office for the long Columbus Day weekend were in a good mood, as stocks rallied on Monday morning. The Dow was recently up about 275 points and the S&P 500 rose 2.8%.
The big news coming out of the weekend was that European leaders pledged to come up with a plan too recapitalize the banks by early next month. Energy stocks (oil prices are considerably higher on the weak dollar) and stocks with large international exposure appear to be leading the market ahead. Citigroup (C) jumped nearly 6% and Morgan Stanley (MS) was up 7%. Coach (COH) and Tiffany (TIF), which depend heavily on Asian sales, both rose more than 5%.
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