banking

Stocks rise on signs of Spanish bank rescue

BLOOMBERG FILE PHOTO/TIM BOYLE
U.S. STOCKS rose on Wednesday amid signs of a potential rescue of Spain’s troubled banks by the European Union, according to Reuters.
Posted 6/6/12

NEW YORK – U.S. Stocks rose on Wednesday amid signs of a potential rescue of Spain’s troubled banks by the European Union, according to Reuters.

European sources told the news organization that Germany and European Union officials sought solutions for Spain’s downtrodden banks even though lawmakers in Madrid have yet to officially request assistant.

On the news, the Dow Jones Industrial Average rose 215.49 points - 1.77 percent - to 12,342.44 at 2:07 p.m., the S&P 500 Index gained 21.95 points - 1.71 percent - to 1,307.45 at 2:09 p.m. and the Nasdaq Composite added 52.35 points - 1.88 percent - to 2,830.42 at 2:09 p.m.

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