Progress in Italy, Greece on Debt Sends Stocks Up

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks are closing higher after unemployment
claims unexpectedly dropped and worries over the debt crisis in
Europe eased.

Greece named a new prime minister Thursday and Italy borrowed
$6.8 billion at lower interest rates than analysts expected.
Italy's benchmark rate dropped below 7 percent after spiking above
that level Wednesday.

The Dow Jones industrial average rose 113 points, or 1 percent, to close at 11,894. It plunged 389 points Wednesday as talks in Greece to name a new prime minister broke down.

The S&P 500 index gained 11, or 0.9 percent, to 1,240. The Nasdaq rose 4 points, or 0.1 percent, to 2,625.

Two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was below average at 3.9 billion.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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