Thursday, July 21, 2011

Stocks surge on rumors of debt talk progress

From CNN: U.S. stocks surged on Thursday, following news that European leaders reached an agreement to contain Greece's debt crisis.

Gains were further fueled by reports that the White House and House Republicans may have reached an agreement regarding the country's deficit problems and the debt ceiling. Both the White House and House Speaker John Boehner 's offices denied the reports.

According to preliminary tallies, the Dow Jones industrial average (INDU) ended 153 points higher, or up 1.2%, at 12,724 the S&P 500 (SPX) added 18 points, or 1.4%, to 1,344 and the Nasdaq composite (COMP) rose 20 points, or 0.7%, to 2,834.

President Obama indicated earlier this week that he would support a plan to raise the debt ceiling that had been floated by a bipartisan group of senators. But investors are still concerned that the Gang of Six's plan may not have enough time or support to make it through Congressional negotiations by Aug. 2.

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