US Stocks Rise After Europe Takes New Steps Toward Recovery
(NEW YORK) -- The markets had their best day in months with some cryptic developments in Europe sending stocks soaring Wednesday.
The Dow surged 287 points, turning the average positive for the year, after May's dismal showing. The Nasdaq gained 67 points, and the S&P added 30 Wednesday.
The European Central Bank pledged to continue providing European banks with effectively unlimited low-interest loans through the rest of the year. Officials also hinted the ECB might cut interest rates even further to below one percent. Furthermore, the European Commission announced plans for more coordinated oversight of large banks.
Though none of this news actually changes much for the mess in countries like Greece or Spain, investors Wednesday seemed to react to Europe's seeming action.
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