U.S. Markets Rally at Close

The U.S. stock market rallied late Monday after a wild day that had investors worried about a Greek default—and ended high after rumors that Italy is in talks with China. Turmoil on the European markets over a Greek default caused the early-morning losses, as European equities dropped to a two-year low and sent the euro down to a seven-month low against the dollar. The Dow’s afternoon gains came after a rise in the NASDAQ; and news that Italy is in talks with China for debt-crisis aid helped erase the morning’s losses.