Business | Posted on Oct 27, 2011 at 07:28pm IST

US stocks surge on European debt deal

Associated Press

New York: Stocks are surging in early trading after European leaders agreed on a deal to slash Greece's debt.

The US economy grew between July and September at its fastest rate in a year, and Dow Chemical Co became the latest big company to report stronger earnings.

Global markets soared on Thursday after the European agreement, which is aimed at preventing a two-year debt crisis there from dragging the world into another recession.

US stocks surge on European debt deal

Ten minutes after the opening, the Dow Jones industrial average jumped 256, or 2.2 per cent, to 12,125. The S&P 500 rose 32, or 2.6 per cent, to 1,274. The Nasdaq rose 67, or 2.5 per cent, to 2,718.

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