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Dow blows past 13,000 on hope for action in Europe

12:18 PM, Jul 27, 2012   |    comments
New York Stock Exchange
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NEW YORK (AP) - The stock market is powering higher, pushed forward for a second day by promises from European leaders to preserve the union of 17 countries that use the euro.

The Dow Jones industrial average soared 188 points, settling at 13,076 and blowing through 13,000, a key milestone it hadn't passed since early May.

The Standard & Poor's 500 is up 26 points to 1,386, and the Nasdaq composite index is up 65 at 2,958. German chancellor Angela Merkel and French president Francois Hollande released a joint statement promising to protect the euro zone.

On the New York Stock Exchange, five stocks rose for every one that fell.

Outliers were Facebook and Starbucks, which dropped after reporting earnings that disappointed investors.

Volume was heavier than average at 4.2 billion shares.

The Associated Press

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