By msnbc.com news services
U.S. stocks are set to soar at Monday?s opening bell amid optimism over the latest round of proposals out of Europe designed to corral the growing euro zone debt crisis.
Germany and France are exploring radical ways to integrate euro zone countries in order to impose tighter budget control, European Union sources told Reuters over the weekend.
Market sentiment was also boosted after an Italian newspaper report suggested the International Monetary Fund was preparing a rescue plan for Italy worth up to 600 billion euros. The report was dismissed by an IMF spokesperson.
European stocks rose more than 2 percent, led by shares of financial institutions helped by renewed hopes about of an easing of the debt crisis.
President Barack Obama will press EU officials on Monday to reach a definitive solution to their sovereign debt crisis, which is emerging as a major 2012 U.S. election worry.
Some analysts saw any gains mostly as a technical bounce after Wall Street suffered its worst week in two months last week. The lack of a credible solution to Europe's debt crisis has kept investors away from risky assets and downgrades of Belgium and Hungary added to the gloom.
Last week, the U.S. market fell 4.7 percent, giving back almost two-thirds of its gains in October, its best month in 20 years. CNBC said the U.S. stock market saw its biggest percentage loss for a Thanksgiving week since 1932.
Also boosting the market?s mood: a trade group said U.S. retailers racked up a record $52.4 billion in sales over the Thanksgiving weekend, a 16.4 percent jump from a year ago.
In economic news, the Commerce Department will release new home sales at 10 a.m. ET. Economists have forecast a total of 315,000 annualized units, compared with 313,000 units in September.
Reuters contributed to this report.
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