NEW YORK — Stocks turned higher Tuesday once investors got the news they had been hoping for: Italian Prime Minister Silvio Berlusconi promised to resign once a new budget was passed.
The Dow Jones industrial average rose 101.79 points to 12,170.18. The broader Standard & Poor’s 500 rose 14.80 to 1,275.92, and the Nasdaq composite rose 32.24 to 2,727.49.
Italy became a key focus for investors this week after doubts emerged the country would go through with a tough package of austerity measures. Many investors saw Mr. Berlusconi as an obstacle to sweeping economic reforms that would be needed to help Italy cut its debt load and avoid sinking into a debt crisis.
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