U.S. stock market indexes surged upward in Friday's early trading as investors cheered efforts to resolve the current financial crisis.

The Dow Jones Industrial Average jumped more than three percent, the S & P 500 rose more than four percent and the NASDAQ gained more than 4.5 percent.

European stock markets were much higher in afternoon trading. London's Financial Times 100 index soared nine percent, the CAC-40 in Paris gained nearly eight percent, and the DAX in Frankfurt rose more than 5.5 percent.

In Asia, Tokyo's Nikkei index jumped 3.8 percent (432 points) to close at 11,921. In Hong Kong, the Hang Seng roared upward 9.6 percent (1695 points) to finish at 19,328.

The price of gold rose more than $17 to trade at $868.26 an ounce.  

The dollar was higher against the yen but lost value compared to the euro.