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June 29, 2012

Stocks rally as Europe unveils crisis plans

Associated Press

U.S. stocks are leaping after the opening bell after European leaders agreed to a set of prescriptions for their debt crisis.

Leaders in Brussels on Friday unveiled a plan to bail out banks directly from a regional bailout fund. They said they would ease austerity measures that are causing political unrest and fiscal pain in Greece and other nations that have received bailouts.

Fear about Europe has weighed on markets in recent weeks. Signs of improvement there tend to spark broad, if temporary, rallies.

The Dow Jones industrial average is up 167 points at 12,769 in the first five minutes of trading. The Standard & Poor’s 500 index is up 20 at 1,349. The Nasdaq composite average is up 49 at 2,898. The price of oil also rose strongly.

 

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