Source: The New York Times
Author: Christine Hauser
Stocks in the United States staged a relief rally Wednesday, with the broader market rising almost 3 percent on momentum from a court ruling in Germany backing euro-zone bailouts and market rebounds in Europe and Asia. Bank stocks in particular, which had taken a beating in recent weeks, surged more than 4 percent.
Analysts said investors were encouraged by a ruling by the German Constitutional Court that rejected challenges that aimed to block German participation in bailouts for other countries in the euro area. Still, the court said future financial rescues must be approved by Parliament’s budget committee.
Categories: Economics