WINDERMERE, Fla. (Stockpickr) -- U.S. stocks are ripping to the upside today, pushing the S&P 500 toward its biggest gain in over a month, after leaders in France and Germany announced plans to support European banks and get the region's debt crisis under control in three weeks.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said yesterday that they will introduce a "comprehensive package" to recapitalize European banks and address the Greek debt crisis by the Nov. 3 Group of 20 summit.
The bulls love this news, and it's clear that the bears have been forced to do some big short-covering, which has helped to gap the overall market significantly higher. Almost every single sector is trading to the upside, and many stocks are making massive spikes higher.
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