European Stocks Rally As Draghi Pledges To Preserve Euro

Sarah Jones states at Bloomberg that European stocks climbed the most in almost a month, halting a four-day selloff, after European Central Bank President Mario Draghi said policy makers will do whatever it takes to preserve the euro.

Banco Santander SA (SAN) surged 11 percent and UniCredit SpA jumped 9.2 percent, leading a rally in bank stocks. Unilever (UNA) rose 5.4 percent to the highest price in more than 20 years after sales beat analyst estimates. France Telecom (FTE) SA added 6.4 percent after it also reported results that topped projections.

The Stoxx Europe 600 Index (SXXP) jumped 2.5 percent to 256.58 at the close of trading, for its biggest gain since June 29. The gauge had dropped 4.4 percent the previous four sessions as a surge in Spanish bond yields above 7 percent reignited concern that Europe’s debt crisis is yet to be contained.

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