Dow up nearly 300 points in early trading, boosted by strong start to holiday-shopping season

US stocks surged in early trade Monday, with the Dow Jones Industrial Average rallying 300 points, or nearly three percent, at market open, boosted by a good start to the holiday shopping season and hopes for progress by European leaders.

The S&P 500 climbed 2.6 percent, with the tech-heavy Nasdaq jumping 3.2 percent.

US retailers saw a big rise in Black Friday sales compared to 2010. Chicago-based ShopperTrak said store sales rose seven percent as shoppers spent $11.4 billion on the traditional first day of holiday shopping, a rise of nearly $1 billion from a year ago.

Major retailers welcomed the positive sales boost, with Walmart up almost two percent, Target up 2.6 percent and Best Buy climbing nearly three percent early Monday.

Tech stocks were expected to move higher thanks to surging demand for popular tablets on Black Friday. Apple moved up almost two percent in line with gains, slightly lower than gains on the broader Nasdaq.

US financial stocks were among the best performers to kick off the week, turning up sharply on high volume.

Bank of America added five percent out of the gate, while Citigroup climbed 7.4 percent, J.P. Morgan Chase was up 5.27 percent and Morgan Stanley jumped 7.47 percent.

Shares in Commercial Metals Company surged more than 22 percent after Icahn Enterprises said it would bid $15 a share for the company, a near 30 percent premium to its closing price Friday.