The stock markets really do love Europe's debt deal, with the Dow Jones index up 340 points on Thursday, passing 12,000 for the first time since August 1. The Nasdaq and S&P 500 both closed more than 3 percent up. The day's trading was especially good to financial stocks, which have been taking a beating of late. CNN has the details:
Financial stocks were also leading the way in U.S. trading. Shares of Morgan Stanley spiked 17%, after being beaten down amid fears that the bank could suffer big collateral damage due to its exposure to French banks that have big ties to Greece.
Citigroup, Goldman Sachs, Bank of America and JPMorgan Chase rallied between 8% and 10%.
At the closing bell, the Dow was up 2.86 percent to 12,208.55, the Nasdaq saw a 3.32 percent gain to close at 2,738.63, and the S&P jumped 3.43 percent to close at 1,284.59. Markets outside the U.S. rallied on the news as well, CNN reports: "The euro rallied 2 percent versus the dollar and world markets on the news, led by the financial sector. Shares of Credit Agricole, BNP Paribas and Societe Generale rose about 20 percent in Paris. In Germany, Deutsche Bank shares climbed more than 15 percent." It sounds like the real losers in the deal were the bloggers who like to post photos of sad traders.
This article is from the archive of our partner The Wire.
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