The Toronto stock market surged more than 200 points after a wild week that saw global markets plummet on downbeat predictions for the U.S. economy and a growing mess in debt-laden European countries.

The S&P/TSX composite index was up 244.32 points to 11,707.19 following a 7.5 per cent drop last week.

European officials said over the weekend that Germany and other rich EU countries are pushing for a new strategy to solve the debt crisis and help Greece avoid defaulting on its debt.

Energy stocks helped lift the TSX as oil prices moved up 39 cents to US$80.24 a barrel after prices tumbled almost 10 per cent last week.

The Canadian dollar gained 0.11 of a cent to 97.25 cents US.

New York's Dow Jones industrial average jumped 272.38 points to 11,043.86. The Nasdaq composite index gained 33.46 points to 2,516.69 while the S&P 500 index rose 26.52 points to 1,162.95.