Euro, Stocks Gain as Europe Outlines Plan to Contain Debt Crisis
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The euro surged the most in six months and stocks rallied as European officials detailed a plan to halt the region’s debt crisis. Treasuries fell and the Dollar Index slid the most since December.
The euro strengthened 1.5 percent to $1.4425 as of 5 p.m. in New York and climbed 2.2 percent in three days. The Standard & Poor’s 500 Index rose 1.4 percent to 1,343.8 as of the market close in New York. Italian, Spanish and Greek bonds surged and costs to protect the region’s debt from default slid the most since May 2010. Oil traded above $100 a barrel for the first time in more than a month. The Dollar Index lost 1.1 percent.