Stocks Gain After Sarkozy, Merkel Vow Debt Action

Stock markets in Europe and Asia perked up Monday after a weekend meeting of the leaders of France and Germany provided a promise of action on Europe's debt crisis.Oil prices rose above $84 a barrel while the dollar slipped against the euro and the yen.

German Chancellor Angela Merkel and French President Nicolas Sarkozy on Sunday said a comprehensive response to the debt crisis would be finalized by the end of the month, including a detailed plan to ensure European banks have adequate capital. Stock markets welcomed the announcement, even though it offered little in the way of specifics.

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