Stocks soar on European rescue plan
By The Week Staff | June 29, 2012
It's not often that the Dow Jones Industrial Average changes one of the 30 companies on its roster, but some analysts say it's time that Apple joined the venerable index.
Tetra Images/Corbis
O
n Friday, the Dow Jones Industrial Average recorded its second-biggest gain of 2012, after European leaders announced a new plan to resolve their ongoing debt crisis. Among other things, the plan would allow the European Union to use its bailout fund to directly recapitalize tottering banks, easing investor concerns that the continent's fragile banking industry could add to the debt load of nations already deeply in the red. The Dow rose 278 points to close at 12,880, while the larger S&P 500 index climbed 33 points to end the day at 1,362.
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