Markets Advance with Reports on European Bailouts
(NEW YORK) — Encouraging news out of Europe pushed the markets to their best June in more than 10 years and ended the week with gains.
The Dow closed up 278 points, while the Nasdaq and S&P added 86 points and 33 points, respectively.
At a summit in Brussels, European Union leaders unveiled a plan to bail out banks in the region by using an existing financial rescue fund. They also said they’d ease the austerity measures that have been causing political unrest — not to mention recessions in Greece and other nations that have received financial lifelines.
The German parliament’s lower house has also approved a discipline pact among european union members in a new effort to save the euro.
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