21 Jul '11, 9pm

US stocks surge on eurozone deal

US stocks surge on eurozone deal

NEW YORK: US stocks rallied on Thursday as eurozone leaders clinched a deal to bail out Greece, boosting financial stocks that had been battered in recent weeks by fears of a European debt crisis. The Dow Jones Industrial Average jumped 152.50 points (1.21 per cent) to close at 12,724.41. The broader S&P 500 climbed 17.96 points (1.35 per cent) to 1,343.80, while the tech-heavy Nasdaq Composite rose 20.20 points (0.72 per cent) to close at 2,834.43. Citigroup rallied 4.4 per cent, Bank of America rose 3.9 per cent and JPMorgan Chase was up 3.3 per cent in the rally, which came as eurozone leaders met in Brussels to agree the details of a new bailout package for Greece. "Stocks blazed a steady path into the black today, as Wall Street celebrated encouraging earnings and economic reports, and some debt-related headway across the pond," said Andrew Kramer, an analyst with Sch...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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