NEW YORK (AP) — Investors have sent stocks sharply higher on the latest reassuring news about the economy. This time, the news is about European banks.
European regulators, who Friday have issued the results of what are called “stress tests” on the banks, say only a handful would struggle if the continent’s economy weakens. The latest earnings reports also convinced investors that the domestic economic recovery is proceeding.
According to preliminary calculations, the Dow Jones industrial average is up 102, or 1 percent, at 10,424. The Standard & Poor’s 500 index is up almost 9, or 0.8 percent, at 1,102. The Nasdaq composite index is up 23, or 1 percent, at 2,269.
Four stocks rose for every one that fell on the New York Stock Exchange. Volume came to 1.2 billion shares.
