U.S. stocks struck solid gains Wednesday, recouping much of the prior day’s drop, after Europe reached an agreement in principle on a bank-recapitalization plan and on better-than-forecast earnings from corporations including Boeing Co.
“The market is up today because our expectation bar had been set significantly low for today’s European summit, so we were expecting a numberless communiqué, so with that being the base case, we’ve shifted our focus to better-than-expected earnings across the board,” said Art Hogan, equity strategist at Lazard Capital Markets.
“We fully believe the euro zone does not have a death wish and will come up with a constructive plan by next week,” when the G-20 group of major industrialized and developed economies meets, Hogan added.
EU leaders said in a joint statement they had come to terms on a broad strategy at a summit in Brussels, but offered no figure for bank recapitalization requirements.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,869.04 |
|---|---|
| Trade Time: | 4:01PM EDT |
| Change: |  162.42 (1.39%) |
| Prev Close: | 11,706.62 |
|---|---|
| Open: | 11,707.76 |
| Day's Range: | 11,694.36 -11,891.21 |
| 52wk Range: | 10,362.30 -12,928.50 |
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