U.S. stocks rise on Greece aid

08:31, February 12, 2010      

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U.S. stocks rallied on Thursday as European Union leaders pledged to offer Greece aid to combat debt crisis and U.S. initial jobless claims dropped more than expected last week.

European leaders had reached an agreement during their summit, saying members would be prepared to step in if needed to help Greece solve its debt issues. No further details were expected to be finalized until early next week when EU finance ministers meet, but the EU leaders suggested it could include some form of loans to Greece to help it service its debt and avoid a damaging default.

Also lifting market sentiment, the Labor Department reported before the opening bell that the number of new filings for jobless benefits fell by 43,000 claims last week, much more than analysts had expected.

The Dow Jones rose 105.81, or 1.05 percent, to 10,144.19. The Standard & Poor's 500 index gained 10.34, or 0.97 percent, to 1, 078.47 and the Nasdaq rallied 29.54, or 1.38 percent, to 2,177.41.

Source: Xinhua
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