U.S. stocks soared today, reducing second-quarter losses, after European Union leaders agreed to steps to bolster the economies of the region’s more troubled nations.
In Brussels today, the latest EU summit had policy makers agreeing to relax repayment conditions for Spanish banks and lower the bar to possible aid to Italy, along with proposing a $149 billion economic-growth plan for the region.
The EU decided to create TCRP, the Troubled Country Relief Program, its version of the U.S. Troubled Asset Relief Program.
With the news of the perceived stability, the Dow Jones Industrial Average climbed by more than 200 points.
The largest local gainers this morning were Fiserv Inc. (up $1.94 to $71.75) and Snap-on Inc. (up $1.61 to $61.06).
