U.S. and European stocks surged on Thursday following news that euro zone leaders agreed on a comprehensive package of measures to tackle the euro zone's debt crisis.

At the New York Stock Exchange, the Dow Jones Industrial Average jumped two-point-nine percent to surpass the 12-thousand level while the Nasdaq composite index and S&P 500 index posted gains of more than three percent.

Meanwhile, major stock markets in Europe saw even greater surges in stock price.

Stock prices in Germany and France rose between five and six percent while prices in Greece, Italy and Spain climbed around five percent.

Also on Thursday, the U.S. Commerce Department unveiled that the U.S. economy posted growth of two-and-a-half percent in the third quarter.