Stocks rise as European leaders hash out plans

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Stocks are rising at the open on hopes for a plan to restore long-term confidence in the euro.

French and German leaders are meeting to discuss closer political and economic cooperation between the 17 nations that use the currency. They want tighter control of budgets, to prevent the kinds of debts that might to cause Greece and others to default.

Stocks overseas rose modestly Monday, while the yields on Italian bonds dove, suggesting traders believe that Italy is less likely to default. Italy’s government agreed this weekend on a package of austerity and economic growth measures.

The Dow is up 135 points, or 1.1 percent at 12,154. The S&P 500 is up 16, or 1.3 percent at 1,261. The Nasdaq composite index is up 32, or 1.2 percent at 2,659.