Berlusconi's intent to resign buoys US investors
Major US stock indices rose Tuesday on optimism that a new Italian leader will be able to get the country's debt crisis under control, dpa reported.
Italian Prime Minister Silvio Berlusconi bowed to mounting pressure and vowed to resign after the approval of austerity measures designed to appease financial markets and the European Union. The decision followed his failure to gain an absolute majority during a key vote in parliament.
The blue-chip Dow Jones Industrial Average added 101.79 points, or 0.84 per cent, to 12,170.18. The broader Standard & Poor's 500 Index climbed 14.80, or 1.17 per cent, to 1,275.92. The technology-heavy Nasdaq Composite Index gained 32.24 points, or 1.20 per cent, to 2,727.49.
The US currency fell against the euro to 72.32 euro cents from 72.59 euro cents on Monday. The dollar fell against the Japanese currency to 77.71 yen from 78.06 yen.