The following is an excerpt from CBS/AP | June 29, 2012 | CBSNews.com |
(CBS/AP) NEW YORK – U.S. stocks closed Friday with their second-biggest gain this year.
The Dow Jones industrial average surged 277 points after European leaders announced a plan to rescue banks, relieve debt-burdened governments and restore investor confidence.
About seven stocks rose for every one that fell on the New York Stock Exchange. Volume was heavy at 4.39 billion shares.
The price of oil posted its biggest one-day increase in more than three years, and other commodities shot higher – signs of hope that a deal in Europe will remove a big barrier to a healthier world economy.
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Stocks and commodities rallied across the globe Friday after leaders in Brussels announced the crisis-fighting measures.
The Dow Jones industrial average closed up 278 points at 12,880 on the last trading day of the second quarter. The S&P 500 closed up 33 at 1,362. The Nasdaq finished up 86 at 2,935.
U.S. stocks had a great month, but are down for the quarter because of steep losses in May. Economic data was weakening, and Spain’s banks were teetering on the brink.
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