U.S. stocks advanced almost 3% Thursday after European leaders reached agreement on a plan to address the region's debt crisis.
The Dow Jones Industrial Average broke above the 12,000 mark for the first time since the beginning of August. The index, up 12% this month, is on track for its biggest monthly point gain ever, after jumping 340 points, or 2.9%, to close at 12,209. Thursday marked the fifth gain for the Dow in the past six sessions.
The S&P 500 gained 43 points, or 3.4%, at 1,285 and the Nasdaq surged 88 points, or 3.3%, at 2739.
Negotiations from Wednesday's summit of European leaders in Brussels dragged overnight, but resulted in a strategic agreement that global markets embraced on Thursday. French President Nicolas Sarkozy said that the European Financial Stability Facility will be leveraged by four to five times to provide guarantees on bonds of struggling eurozone member countries. Additionally, private banks agreed to take a 50% reduction on Greek debt held by private investors.
"The agreement has been anticipated for weeks, and there were plenty of critics popping up to point out all the flaws, but the process has been so agonizing that it is a tremendous relief to the market to finally have something solid rather than just more talk about deals to make potential deals," said RealMoney columnist James "Rev Shark" De Porre..
Dow Jones Industrial Average
(DJI: ^DJI )
| Index Value: | 12,208.55 |
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| Trade Time: | 4:05PM EDT |
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| Change: |  339.51 (2.86%) |
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| Prev Close: | 11,869.04 |
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| Open: | 11,872.07 |
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| Day's Range: | 11,872.07 -12,284.31 |
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| 52wk Range: | 10,362.30 -12,928.50 |
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