WALL STREET : EU Deal Scare Bears; Bulls Gain 3%

DJIA Skyrockets 340 Points, Tops 12,000 on Euro-Zone Relief & GDP Rally

A bullish tide swept over Wall Street today, as investors cheered a long-awaited plan to address European debt. Most notably, European Union (EU) leaders agreed to recapitalize the region's banks, and to boost the scope of the European Financial Stability Facility (EFSF). Furthermore, under the terms of the deal, private investors of Greek debt will take a 50% write-down on their holdings -- which translated into a major boon for banks both at home and abroad. With the fiscal fate of the euro zone seemingly coming into focus, and thanks to a respectable uptick in third-quarter gross domestic product (GDP), the major market indexes now boast double-digit percentage gains for the month of October.

The Dow Jones Industrial Average (DJIA – 12,208.55) blazed a steady path higher today, touching an intraday peak of 12,284 before paring its gains by the close. Still, the blue-chip barometer tacked on a healthy 339.5 points, or 2.9%, when all was said and done, ending north of its 200-day moving average for the first time since Aug. 1, and extending its month-to-date gain to 11.9%. In fact, not one of the Dow's 30 components finished lower, with Bank of America (BAC) and Alcoa (AA) paving the path into the black with gains of 9.5% apiece.

The S&P 500 Index (SPX – 1,284.59) rallied 42.6 points, or 3.4% -- but not before topping out at 1,292.66 in late-session trading. Like the Dow, the SPX conquered its 200-day moving average for the first time in close to three months, extending its October lead to 13.5%. Likewise, the Nasdaq Composite (COMP – 2,738.63) skyrocketed nearly 88 points, or 3.3%, after touching an intraday peak of 2,753.37. As such, the tech-rich COMP is on pace to end the month nearly 13.4% higher.

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