Dow gains 300 points on US sales and eurozone hopes

US markets have opened 3% higher as investors pin their hopes on the latest promise of eurozone action in the shape of tighter budgetary controls.

The Dow Jones gained 300 points to stand 2.7% up at 11,535, with the S&P 500 up 3% to 1,193 as investors also took heart from record Black Friday sales following the Thanksgiving holiday. The FTSE 100 extended earlier gains to stand 2.9% or 150 points up at 5,313. Talk of a new stability pact drawn up by France and Germany, seeking to give Brussels more control over the fiscal budgets of eurozone nations, has helped strengthen investor confidence after two weeks in which bearish sentiment reined supreme. Germany's Dax is set for its best day of the month, rising 4.3% to 5,727, with...