Published: 6/29/2012 - Updated: 11 months ago

World markets surge after Europe unveils broad plan to fight debt crisis, banking woes

ASSOCIATED PRESS

NEW YORK — U.S. stocks closed with their second-biggest gain this year today after European leaders announced a plan to rescue banks, relieve debt-burdened governments, and restore investor confidence.

Stocks and commodities rallied across the globe today after leaders in Brussels announced the crisis-fighting measures.

The Dow Jones industrial average closed up 278 points at 12,880 on the last trading day of the second quarter. The S&P 500 closed up 33 at 1,362. The Nasdaq finished up 86 at 2,935.

U.S. stocks had a great month, but are down for the quarter because of steep losses in May. Economic data was weakening, and Spain’s banks were teetering on the brink.

About seven stocks rose for every one that fell on the New York Stock Exchange. Volume was heavy at 4.39 billion shares.

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