Stock Market Soars as Treasury Calls Summit with Major US Banks

In the EU, Britain, France, Germany and others unveiled plans to guarantee loans, prop up banks, and inject billions to help companies.

European markets responded, with London’s FTSE-100 rising 4.8%, the German DAX index rising 8.8% and the CAC 40 in Paris up 7.2%.

Additionally, Mitsubishi UFJ Financial Group announced that it has closed on its $9 billion investment in Morgan Stanley. During the weekend, the US government told the Japanese bank that its investment would be protected in the event the US were to inject money into Morgan Stanley at a later time. Morgan Stanley rose $5.35, or 55%, to $15.03. in early trading.

At the time of this writing, the DJIA is up over 500 points, NASDAQ is up over 100 points, and the S&P 500 is up 50 points. All amount to a rise of near or over 6%.

The meeting between the Fed and Treasury and leading banks is scheduled for 3 PM EDT, according to the WSJ.