U.S. stocks leapt Monday, posting their best day in at least a month, as Wall Street embraced moves by European leaders to join euro-area members in a fiscal union and on evidence U.S. holiday sales got off to a record start.
“It seems European leaders are coalescing around a plan, and that plan is for greater integration of the European Union in terms of fiscal policy, and that would be good,” said Alan Skrainka, chief investment officer of Cornerstone Wealth Management.
“It’s clear that Germany has been holding out for greater fiscal integration, a plan with real teeth. [Officials] weren’t going to provide a bailout with no strings attached. This crisis has provided them with the leverage they need to get this done,” said Skrainka.