NEW YORK (AP) — Stocks are closing higher after investors saw signs that Europe would decisively address its financial crisis. The Dow Jones industrial average rose as many as 209 points before cutting its gains in half late in the day.
European Commission President Jose-Manuel Barroso presented a plan to strengthen European banks and lower Greece’s debt. It’s being seen as the strongest effort yet to address the region’s debt crisis.
The Dow rose 103 points, or 0.9 percent, to close at 11,519. The Standard & Poor’s 500 index is up 12, or 1 percent, at 1,207. The Nasdaq composite is up 22, or 0.8 percent, at 2,605.
Four stocks rose for every one that fell on the New York Stock Exchange. Trading volume was slightly below average at 4.8 billion.