Stock markets around the world have risen (sharply) in response to plans unveiled by European governments to use hundreds of billions of dollars to support failing banks. There have been steep rises in London, Frankfurt and Paris. In New York, the key (Dow Jones Index) closed up by more than 11%. From there, Laura Trevelyan reports. (Wall Street) bounced back on Monday with the Dow Jones Index of major American companies soaring an astonishing 936 points -- (a historic gain) in one day. Traders cheered as the closing bell sounded. After eight days of losses, investors were particularly encouraged by the US government's plan to take a stake in troubled American banks. This should have the effect of guaranteeing lending between banks, hopefully freeing up credit, so ordinary people can borrow and spend money. Despite this rally, investors remain (concerned about) the fragility of the international economy, and trading is expected to remain volatile in the days ahead. This year's winner of the (Nobel Prize for Economics), Paul Krugman, has told the BBC that the current global economic crisis may have reached a turning point. He said the rescue plan agreed by European governments succeeded as per expectations, as during the past months, leading economists had emphasized the (vital) need to get more capital for banks and provide (guarantees). Both elements were (at the core of) the European bail-out plan -- a move welcomed by Mr. Krugman. "At last, in this (European summit) yesterday, they actually did more than expected. It was actually a better, more forceful plan, better conceived than I expected. I was, I was preparing myself for the worst, so this is actually a very good news. It's, it might be, it might be the (turning point) to the crisis.