Banks lead US stock hike

US stocks jumped per cent yesterday, extending gains into a second week as a pledge by German and French leaders boosted hopes that the Eurozone debt crisis may be resolved.

Financials led the rally. The KBW bank index jumped 5.3 per cent, with JPMorgan Chase & Co up 5.2 per cent and Bank of America up 6.4 per cent.

The Dow Jones climbed to 11,433.18. The Standard & Poor’s 500 rose to 1,194.89. The Nasdaq lifted to 2,566.05.