NEW YORK (CNNMoney) -- U.S. stocks were poised to open sharply higher Monday, as investors welcomed a pledge from European leaders to unveil a plan to solve the European debt crisis by the end of the month.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were up more than 1% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.