NEW YORK – Just last week, a bear market seemed inevitable. Since then, stocks have surged four out of the past five days, bringing the S&P 500 index up 8.7 percent.
The latest jump came Monday after the leaders of France and Germany pledged to come up with a far-reaching solution to the region’s debt crisis by the end of the month, including a plan to make sure European banks have adequate capital.
The Dow Jones industrial average soared 330 points, its biggest one-day gain since Aug. 11. It has gained 7.3 percent over the past five days. Bank of America Corp. jumped 6.4 percent, the most of the 30 stocks in the Dow.
The gains were extraordinarily broad; only five stocks in the S&P 500 index fell, and 10 stocks rose for every one that fell on the New York Stock Exchange.
Analysts said the sudden moves aren’t likely to dissipate anytime soon.
“It’s probably going to continue to be a volatile period as people try to work things out and get some sense of where we’re heading in the future,” said Brian Lazorishak, a portfolio manager at Charlottesville, Va.-based firm Chase Investment Council.
Bond trading was closed for the Columbus Day holiday.
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