Stocks Surge On Wall Street; U.K. Tax Retreat Welcomed

European markets were also broadly higher, and most Asian markets gained ground after a volatile week that closed with most major indexes in the red.

Stocks surged in morning trading on Wall Street Monday and marked the latest about-face for a market that has been unsteadily lurching between gains and losses.

The S&P 500 rose 2.9% as of 10:22 a.m. Eastern. Nearly every stock in the benchmark index gained ground. The Dow Jones Industrial Average rose 606 points, or 2.1%, to 30,232, and the Nasdaq rose 3.3%.

Technology and communications companies had some of the biggest gains. Google's parent company rose 3.9%.