UPDATE: Stocks surge after Germany upholds bailout plan
U.S. stocks rallied for the first time in three days today after a German court backed the country's role in bailing out other European countries. The ruling renewed hopes that Europe will find a solution to its long-running debt problems.By: David K. Randall, AP Business Writer
NEW YORK — A broad stock rally is breaking a three-day losing streak on Wall Street.
Stocks rose in early trading after a court backed Germany's role in bailing out other EU countries. Indexes rose more in the afternoon after a Federal Reserve survey showed that US business conditions are improving.
Bank of America jumped 7 percent after two top executives left the company. Yahoo rose 5 percent after announcing that CEO Carol Bartz had been fired.
The Dow soared 276 points, or 2.5 percent, to close at 11,415. The S&P 500 jumped 33 points, or 2.9 percent, to 1,199. The Nasdaq also rose 75 points, or 3 percent, to 2,549.
Nine stocks rose for every one that fell on the New York Stock Exchange. Volume was below average at 3.9 billion shares.
Copyright 2011 The Associated Press.
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