UPDATE: THIS GIGANTIC RALLY IS MOVING EVEN HIGHER, DOW UP 244

poor dumb cow

Photo: Flickr/JelleS

UPDATE 2:37: Markets take another leg up!

Dow up 244

UPDATE: Incredible!

Italian equities led the charge, with the FTSE MIB up 6.6 per cent!

After a potentially game-changing bank bailout plan was announced at the EU summit in the wee hours of the European morning, markets have gone absolutely nuts.

While investors have noted that Europe is likely not saved for good, the plan—which allows the European bailout funds to eventually recapitalize banks—is meant to relieve sovereign funding pressure and interbank funding stress.

Check out the scoreboard:

Dow: 1.8%
S&P 500: 2.0%
NASDAQ: 2.4%
Germany: 4.1%
France: 4.5%
UK: 1.8%
Italy: 6.6%
Spain: 5.4%
Gold: 3.1%
Oil: 5.8%

NOW READ: Why This Summit Has Been A Watershed Moment For Europe >

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