Wall Street rallies after news from Europe
Major US stock indices gained ground Thursday as the implementation of last week's deal to stabilize the eurozone looked more likely, DPA reported.
Greek Prime Minister George Papandreou scrapped his proposal for a referendum on the European bailout plan, which would have left the fate of the agreement in the hands of voters in Greece.
The European Central Bank announced an unexpected cut in its benchmark interest rate for the eurozone to 1.25 per cent.
The blue-chip Dow Jones Industrial Average rose 208.43 points, or 1.76 per cent, to 12,044.47. The broader Standard & Poor's 500 Index gained 23.25 points, or 1.88 per cent, to 1,261.15. The technology-heavy Nasdaq Composite Index leapt 57.99 points, or 2.2 per cent, to 2,697.97.
The US currency was at 72.36 euro cents. The dollar stood against Japanese currency at 78.09 yen.