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Wall Street boosted by EU agreement, solid data


09:50, December 12, 2011

NEW YORK, Dec. 9 (Xinhua) -- U.S. stocks erased all weekly losses with a Friday rally after all European Union (EU) members but Britain basically agreed on stricter budget rules.

The Dow Jones industrial average rallied 186.56 points, or 1.55 percent, to 12,184.26, just shy of a six-week high.

The Standard & Poor's 500 jumped 20.84 points, or 1.69 percent, to 1,255.19 while the Nasdaq Composite Index surged 50.47 points, or 1.94 percent, to 2,646.85.

Financials fared best in the market, with the Financial Select Sector SPDR rising 2 percent after pressured by the uncertainty over Europe.

JPMorgan Chase surged nearly 3 percent while both Bank of America and American Express rose more than 2 percent.

Investors felt relieved over the news that 17 eurozone members plus up to nine non-eurozone EU states would join the compact based on "inter-governmental treaties" to take unprecedented measures to oversee national economies, with sanctions for governments that run up high deficits.

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