Stocks soar on plan to avoid European debt crisis

Stocks shot out of the gate this morning, up nearly 4 percent, after the announcement of a $1 trillion loan plan to contain a European debt crisis.

The Dow Jones Industrial Average climbed more than 400 points in early trading and was holding up about 350 points after the European Union unveiled the package Monday morning.

 The gains come after declines in U.S. stocks last week -- falling the most in 14 months -- erasing any upward progress this year as investors focused on Greece's growing financial woes instead of improving U.S. economic news. 

At one point the Dow dropped 1,000 points, causing the Securities and Exchange Commission and the Commodity Futures Trading Commission to start an investigation. The regulators said they would make the findings public. 

Two Senators are pushing for an amendment to the financial reform bill that would require the SEC and CFTC to present a report to Congress on what happened. 

Other U.S. markets, including the Standard & Poor's 500 Index gained the most intraday since April 2009, up about 4 percent with the Nasdaq also climbing 4 percent. 

The move also bolstered the euro as it rose about 2 percent Monday. 

The International Monetary Fund and the 16 countries that use the euro have agreed on a $1 trillion bailout plan to support debt-burdened European nations. Markets around the world declined steeply last week on fears of Greece's debt issues that led to riots. The Federal Reserve also said it would provide loans overseas.