Global stock higher on euro zone progress
US stocks rose as debt-laden Italy moved to implement tough austerity measures crucial to avoid a euro zone meltdown.
For the day, the Dow Jones industrial average was up 259.89 points, or 2.19 percent, to end at 12,153.68. The Standard & Poor's 500 Index was up 24.16 points, or 1.95 percent, to finish at 1,263.85. The Nasdaq Composite Index was up 53.60 points, or 2.04 percent, to close at 2,678.75.
European shares bounced back today on expectations that some political developments in highly-indebted Italy and Greece would pave the way for tough austerity measures that are crucial to contain the region's two-year-old debt crisis.The FTSEurofirst 300 index of top European shares closed up 2.1 percent at 984.62, led by shares of Italian lender Intesa Sanpaolo, which rose 8.8 percent.
The Nikkei share average edged up today after a sharp sell-off the day before as investors positioned for possible gains ahead, although worries about the deepening debt crisis in Europe muted any optimism.
The Nikkei rose 0.2% to 8,514.47, but for the full week it chalked up a loss of 3.3%. The broader Topix index slipped 0.2% to 729.13, showing a weekly
loss of 3%.
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