Markets End Day Up After News of Central Banks’ Action

Jun 14, 2012 5:10pm

U.S. stocks jumped on news that “central banks from major economies” will take action if there is trouble in markets after Sunday’s Greek elections.

Markets had already been trading higher apparently anticipating some Fed action here in the U.S.

The big spike came after the news of coordinated global action. The effort would allow banks to get U.S. dollars at a cheaper price.

The Dow Jones Industrial Average ended the day at 12,651.91, up 155.53 points or 1.24 percent.  The S&P 500 was up more than one percent while the tech-heavy NASDAQ added 0.6 percent.

Greece’s national elections may determine if the government can ease financial concerns and keep the country in the eurozone. With Greeks in protest against imposed austerity measures, support for political parties that want to renege on the country’s bailout terms has been growing in popularity, according to the Associated Press.

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