Finance ministers from the 27-nation European Union hammered out a deal in Brussels early Monday, May 10, under which the EU Commission and the International Monetary Fund will make available some 750 billion euros ($955 billion) in lending support to some of the 16 eurozone countries like Spain and Portugal to keep those nations from suffering the same fiscal fate as Greece.
The May 10 deal was timed to send a message to the Asian markets after the volatility that was in evidence last week in tthe currency and stock markets. The move appeared to have been successful, as the euro strengthened in early trading against the yen in Japan, and as stocks rose in both Tokyo and Hong Kong.
In early trading in the U.S., the Dow Jones Industrials soared 404 points, or 3.9%, to 10,784 as of 9:45 AM Eastern time, while the Nasdaq rose 4.8% and the S&P 500 rose 4.4%.