(By Salman - iStockAnalyst Writer)US stocks futures soared on Monday after authorities from all over the world stepped in to rescue troubled banks and restore investor confidence. Morgan's deal with Japan's biggest lender Mitsubishi UFJ Financial also buoyed sentiments.

The Dow Jones Industrial Average posted its biggest one day point gain ever on Monday. The Dow advanced 936.42 points, (+11.08%), to finish at 9,387.61. The S&P 500 gained 104.10 (11.58%) to 1,003.32. The Nasdaq Composite jumped 194.74 points, (11.81%), to end at 1,844.25.

On Monday, European Central Bank, the Bank of England and the Swiss National Bank jointly announced that they would lend unlimited amounts of dollars to banks in order to thaw a frozen credit market. The Bank of England, the European Central Bank and the Swiss National Bank said they would conduct auctions of 7-, 28- and 84-day dollar loans at fixed interest rates. In a joint statement with the U.S. Federal Reserve, the central banks said "Counterparties in these operations will be able to borrow any amount they wish against the appropriate collateral in each jurisdiction".

Great Britain also announced a plan to inject 37 billion pounds ($63 billion) into troubled banks. Germany pledged up to 500 billion euros ($679 billion). France came up with a plan of 360 billion euros ($489 billion). Earlier, Australia also said that it will guarantee wholesale funding for banks.

The Fed said that it will boost its swap lines with the central banks "to accommodate whatever quantity of U.S. dollar funding is demanded" the statement said. The Bank of Japan is considering similar measures to aid access to dollars.

President Bush is expected to elaborate upon the details of $700 billion rescue plan on Tuesday. Apart from buying the mortgage related debt off the books of banks, the bailout plan now also includes provisions for the federal authorities to buy stakes in banks. According to reports, the Bush administration plans to spend as much as $250 billion of the $700 billion bailout buying stakes in private banks, greatly expanding protections for the U.S. financial system out of deep concern. Earlier, government officials from Treasury department met executives of the nation's largest banks to discuss the details of rescue plan.

Meanwhile, Neel Kashkari, who heads the Treasury department's Troubled Asset Relief Program, said "We are designing a standardized program to purchase equity in a broad array of financial institution". “The equity purchase program will be voluntary and designed with attractive terms to encourage participation from healthy institutions" he said further.

Financial surged up on Monday. Shares of Morgan Stanley (MS) soared 87% after it secured Mitsubishi UFJ Financial’s $9 billion investment. Wachovia (WB) added 13.6 %. Goldman Sachs Group Inc. rose 25%. Bank of America Corp. (BAC) and Citigroup Inc. (C) increased 9.2% and 11.62% respectively.