Stocks Surge on European Debt Deal, GDP Growth
Stocks are surging after European leaders agreed on a deal to slash Greece’s debt load and prevent the financial crisis there from engulfing larger countries like Italy. The Dow Jones industrial average had its biggest gain since Aug. 11th.
Stronger U.S. economic growth and corporate earnings also drove markets higher. Commodities and Treasury yields soared as investors took on more risk.
The Dow jumped 340 points, or 2.9 percent, to close at 12,209. It was its highest close since July 28.
The S&P 500 rose 43 points, or 3.4 percent, to close at 1,285. The Nasdaq gained 88, or 3.3 percent, to 2,739.
Nine stocks rose for every one that fell on the New York Stock Exchange. Volume was heavy at 6.5 billion shares.