U.S. stocks close higher on optimism over European bailout; Dow climbs 272 points.

SAN FRANCISCO (MarketWatch)
U.S. stocks rallied Monday, ending near session highs, spurred by hopes that European policymakers were coalescing around a new plan to keep the sovereign debt crisis from spreading. The Dow Jones Industrial Average rose 272.38 points, or 2.5%, to 11,043.86, led by a nearly 7% surge in the shares of J.P. Morgan Chase & Co. and a 4.6% rally in Bank of America Corp.
The S&P 500 ended up 26.52 points, or 2.3%, to 1,162.95, led by a 4.4% rally in financial stocks.
The Nasdaq Composite gained 33.46 points, or 1.4%, to 2,516.69 points after spending much of the session in the red.