Wall Street Rallies After EU Agreement

Reuters/Andy Mueller

Rodrigo Campos of Reuters reports that Wall Street rallied on Friday, with major indexes trimming quarterly losses, after euro zone leaders agreed to allow rescue funds to be used to stabilize the region’s banks.

Details of the agreement, which includes the creation of a single supervisory body for euro area banks, remain to be worked out. But Italian and Spanish borrowing costs fell, though they remained not far from recent highs, as market expectation for any action during a two-day European Union summit had all but vanished.

“We’ve gotten used to being underwhelmed by the outcomes, so with little to no expectations for success, the fact that it appears we are going to get something substantial is a real important positive for the market in the near term,” said Art Hogan, managing director of Lazard Capital Markets in New York.

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