Stocks Soar on European Pledge to Help Banks

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks are closing sharply higher after the
leaders of France and Germany promised to strengthen European
banks.

The Dow Jones industrial average soared 330 points, led by Bank
of America Corp. The euro rose against the dollar.

German Chancellor Angela Merkel and French President Nicolas
Sarkozy said they would finalize a "comprehensive response" to
the debt crisis by the end of the month.

The Dow shot up 330 points, or 3 percent, to close at 11,433.

The Standard & Poor's 500 index rose 39, or 3.4 percent, to
1,195. The Nasdaq composite index rose 87, or 3.5 percent, to
2,566.

Ten stocks rose for every one that fell on the New York Stock
Exchange. Trading volume was light at 3.8 billion.

Bond trading was closed for the Columbus Day holiday.

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


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  • by Gerry Location: Tallahassee on Oct 10, 2011 at 08:35 PM
    Obama and the Democrats were too weak to break up the "too big to fail" banks. So why do we need Democrats? I personally am looking forward to the next opportunity for taxpayers to bail out "too big to fail" banks.
    • reply
      by Johnny on Oct 11, 2011 at 09:14 AM in reply to Gerry
      actually Gerry, it was on Bush's watch that he bailed out Wall Street. Remember former Wall Street executive and Treasury Secretary Hank Paulson?
      • reply
        by Gerry on Oct 11, 2011 at 10:00 AM in reply to Johnny
        I remember. On 4/27/09, Dick Durbin of Illinois, Senate Majority Leader, said "And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place."
        • reply
          by Gerry on Oct 11, 2011 at 10:41 AM in reply to Gerry
          Excuse me. Durbin was the Majority Whip in 2009 and is the Majority Whip now.
  • by Kisha Location: Quincy on Oct 10, 2011 at 04:10 PM
    Just proof that President Obama's policies are working. Sorry Tea Party and conservative angry white males, I know you rejoice when the economy tanks because you'd rather see Obama out of office than America do better.
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