European stocks soar 7.4% on massive bailout plan

European shares posted their biggest daily rise in more than 17 months on Monday after European central banks started to buy eurozone government bonds under a $1 trillion rescue package. The pan-European FTSEurofirst 300 index of top shares surged 7.4% to close at 1,038.91 points --the index’s biggest one-day percentage gain since 24 November 2008 -- while volumes were more than two and a half times the index’s 90-day average volume.

Stocks bounced back after tumbling 8.9% last week on worries that Greece’s debt crisis would spread to other eurozone countries. Financial stocks were the most spectacular risers, with the STOXX Europe 600 banking index jumping 14% following a 14% drop last week. BNP Paribas, Banco Santander, BBVA, Societe Generale and UniCredit rose between 20.9 and 23.9%

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