U.S. and European stocks rose sharply on Monday on expectations that the euro zone financial turmoil may be alleviated.

At the New York Stock Exchange, the Dow Jones Industrial Average jumped two-and-a-half percent, while the Nasdaq composite index climbed one-point-three percent.

Major stock markets in Europe also saw stock prices surge. Germany’s stock prices climbed two-point-nine percent and Italy’s prices rose three-point-three percent.

The surge in prices came amid reports that ways are being considered for the European Financial Stability Facility to take out loans from the European Central Bank, using receivables as collateral.