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The Dow climbed to a 13-month high as investors were buoyed by news global stimulus measures would continue. Energy and gold stocks rallied as all but one of the Dow components closed above the gain line.

The Dow Jones climbed 203.52 points, or 2.03%, to 10,226.94, the S&P 500 rallied 23.78 points, or 2.22%, to 1,093.08 and the NASDAQ gained 41.62 points, or 1.97%, to 2,154.06. 

Bank of America and Wells Fargo were the best of the major banks, gaining 4.8% and 4.7%.

American Express rallied 4.9%.

Kraft Foods dipped 0.9% after Cadbury rejected its takeover offer yet again.

Reports Comcast and General Electric have agreed on the value of NBC Universal sent their stocks 3.8% and 3.4% higher respectively.

Apple jumped 3.7%, while tech heavyweight rivals IBM and Microsoft put on 2% and 1.7%.

Energy and other commodity stocks were boosted by the G-20’s decision to maintain global stimulus measures. ConocoPhillips and Exxon Mobil gained 1.4% and 1%.

NYMEX light crude oil for December delivery rose US$2 to settle at US$79.43 a barrel.

COMEX gold for December delivery rose $5.70 to settle at $1,101.40 per ounce after reaching a record intraday high of $1,109.90.

Barrick Gold and Newmont Mining jumped 3.3% and 3.1% as the greenback moved back towards $1.50 against the euro.

European Markets

European stocks made their biggest gains in three weeks to close at two-week highs after the Group of 20 agreed to maintain stimulus efforts. Insurers were boosted by a positive result from Allianz.

The UK benchmark FTSE 100 rallied 92.46, or 1.80% to 5,235.18. The French CAC40 added 78.20 points, or 2.11% to 3,785.49, while the German DAX put on 131.47, or 2.40% to 5,619.72.

Allianz climbed 4.3% after the German insurer reported a doubling in third quarter profit. 

Prudential jumped 5.2%, while Aviva gained 3%. 

Among the banks Commerzbank and Deutsche Bank rose 5.8% and 3.4%, while in France Société Generale and BNP Paribas advanced 4.1% and 2.8%.

Royal Bank of Scotland surged 6.3%. Barclays and HSBC added 1.9% and 1.3%.

Cadbury slid 1.5% following the rejection of Kraft Foods 9.8 billion pound takeover offer.

The world’s largest miner BHP Billiton led sector peers higher with a 4.2% gain. Aussie peer Rio Tinto put on 4.3%, while Antofagasta, Anglo American and Xstrata were between 4.3% and 5% above the line.

Steelmaker Arcelor Mittal added 2.4% on a broker upgrade.

Energy majors made ground. Royal Dutch Shell, Total and BP rose 2.3%, 2.1% and 1.9% respectively.

Japanese Markets

Strong gains throughout the market saw the Nikkei close higher despite concerns surrounding the release of weaker than expected jobs data out of the US. Downgrades to forecasts sent a number of stocks lower.

The Nikkei 225 added 19.64, or 0.20% to 9,808.99.

Banks struggled as the G20 was pressed to make plans for banks to pay for future bailouts. Sumitomo Mitsui Financial Group and Mizuho Financial Group lost 3.2% and 1.7%.

Mitsui Sumitomo Insurance Group Holdings climbed 8.6% after posting a better than expected first half profit.

Rivals Tokio Marine Holdings and Aioi Insurance Co. advanced 4.3% and 8.7%.

Mitsubishi Rayon and NOK Corp slumped 4.6% and 11% after they both downgraded their full-year losses.

Agricultural equipment maker Kubota Corp rallied 8% on optimism regarding China’s economic data due later in the week.

Hitachi Construction and Komatsu put on 2.7% and 1.9%.

A stronger yen sent exporters lower. Automaker Nissan fell 2.3%.

Nippon Telegraph & Telephone slipped 1.6% on reports the phone company’s profit for the April to September period had dropped 15% compared to a year earlier.

Hong Kong Markets

Hong Kong stocks ended 1.7% higher Monday with Chinese banks leading gains. The market found strength from the Shanghai Index, which recorded its seventh consecutive session of gains.

The Hang Seng has now nearly doubled in value since March lows.

The Hang Seng rose 377.83, or 1.73% to 22,207.55, its highest close since Oct. 23.

China Construction Bank surge 3.1%, while reports surfaced that Minsheng Bank plans to raise capital in what would be Hong Kong’s biggest public sale of shares since April 2007 by selling 3.32 billion shares.

ICBC added 3.1%, its highest close in two years.

China Life rose 2.5%, its highest close since January 2008.

Dongfeng Motor Group Co put on 1.65% after the carmaker said October sales increased 77% on the previous corresponding period.

Energy stocks were among the biggest improves. China Shenhua Energy Co. and China Coal Energy Co., added 3.9% and 5.7%.

Foxconn International Holdings Ltd. fell 3.8% on a broker downgrade.

Lijuan International Pharmaceutrical Co advanced 6.8% to a two year high.

Xinao Gas Holdings Ltd. advanced 2.3% after a broker lifted its price target on the piped-gas distributor.

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