The Dow Jones industrial average <.DJI> jumped 497.48 points, or 6.84 percent, to 7,775.86 and the Standard & Poor's 500 Index <.SPX> surged 54.38 points, or 7.08 percent, to 822.92. The Nasdaq Composite Index <.IXIC> spiked 98.50 points, or 6.76 percent, to 1,555.77.
An unexpected rise in housing sales, seen as a key factor in spurring an economic recovery, also boosted sentiment. Data showed the pace of sales of existing homes in the United States rose 5.1 percent in February, the biggest increase since July 2003.
NYMEX-NEW YORK, March 23 (Reuters) - U.S. crude oil futures rose more than 3 percent on Monday, as Wall Street and global stock markets rallied on a U.S. plan to buy up distressed assets to tidy up bank balance sheets.
On the New York Mercantile Exchange, May crude
CBOT-SOYBEANS - May
Ended firm but well below the day's five-week high with late pressure from farmer selling. But, ended firm on concerns over slow exports from Argentina as tensions mount between farmers and government.
CBOT-SOYOIL - May
Following soybeans with higher equities supportive. But market well below the day's highs on a late sell-off.
FCPO-JAKARTA, March 23 (Reuters) - Malaysian crude palm oil futures rose 2.3 percent to their highest close in nearly six months on the back of fund buying, with stronger crude oil and soy prices weighing on sentiment, traders said.
The benchmark June contract
The benchmark contract briefly hit an intraday high of 2,051 ringgit, a level unseen since Jan. 8.
Other traded months rose between 30 and 70 ringgit. Overall volume was 17,506 lots of 25 tonnes each versus the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, March 23 (Reuters) - Most Southeast Asian stock
markets rose to multi-week highs on Monday, as Washington's plan to rid U.S. banks of toxic assets bolstered banking shares across the region.
Southeast Asia's largest bank, DBS Group
Singapore's benchmark Straits Time Index <.FTSTI> closed up 4.21 percent at its highest closing level since Feb. 16, while Thailand's main SET index <.SETI> ended up nearly two percent, reaching a 4-week high.
Indonesia's main stock index <.JKSE> rose 3.36 percent to a 10-week closing high, while Malaysia's main stock index <.KLSE> rose for the fifth consecutive day, adding 2.51 percent to a three-week high.