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US stocks rally on Eurozone’s rescue pledge
US STOCKS soared yesterday as investors bet on a pledge by Germany and France to unveil new measures to solve the European debt crisis by the end of the month.
Following weeks of intense swings in the stock markets, the Dow Jones industrial average closed up by 330.06 points, or 2.97 per cent, to end at 11,433.18.
The Standard & Poor’s 500 Index climbed 3.41 per cent, while the Nasdaq Composite Index leaped by 3.5 per cent to close at 2,566.05.
Financials stocks led the rally, with JP Morgan Chase & Co up four per cent to $31.94 and Bank of America gaining 4.9 per cent to $6.20.
Meanwhile the euro had its biggest rise against the US dollar in 15 months.