European Central Bank moves help stocks close higher

By Reuters

U.S. stocks gained on Friday on news the European Central Bank is considering setting targets in a new bond-buying program that could help contain euro-zone borrowing costs and on hopes of more stimulus from the Federal Reserve.

The Dow Jones industrial average shot up 100.51 points, or 0.77 percent, to end unofficially at 13,157.97. The Standard & Poor's 500 Index advanced 9.04 points, or 0.64 percent, to finish unofficially at 1,411.12. The Nasdaq Composite Index gained 16.39 points, or 0.54 percent, to close unofficially at 3,069.79.

For the week, the Dow fell 0.9 percent, the S&P 500 slipped 0.5 percent and the Nasdaq dipped 0.2 percent. The Dow and the S&P 500 broke six-week winning streaks, while the Nasdaq ended a five-week string.?

Below, Mujtaba Rahman, Eurasia Group analyst, weighs in on action from the European Central Bank and whether some euro zone countries will seek exemption for their banks.

Copyright 2011 Thomson Reuters. Click for restrictions.

Source: http://marketday.nbcnews.com/_news/2012/08/24/13460584-european-central-bank-proposal-help-stocks-close-higher?lite

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