Financial markets around the world stormed higher Friday after European leaders came up with a breakthrough plan to rescue banks, relieve debt-burdened governments and restore investor confidence.

The Dow Jones industrial average climbed 277 points, and the Standard & Poor’s 500 index had its best day of the year. Stocks advanced even further in Europe, in strong and weak countries alike.

The price of oil posted its biggest one-day increase in more than three years, and other commodities shot higher – signs of hope that a deal in Europe will remove a big barrier to a healthier world economy.