Business

Stocks rise on latest European rescue plan

Stock markets around the world roared higher Friday after European policymakers made their latest move to ease the continent’s debt crisis.

Lawmakers agreed to pump money into troubled banks directly from the continent’s bailout fund rather than from the debt-laden governments themselves. Officials also agreed to set up a continent-wide bank regulator to create tougher and more uniform banking standards throughout the euro region.

As of 11:25 a.m. PDT, the Dow Jones industrial average soared 232.84 points, or 1.9%, to 12,835.10. The Standard & Poor’s 500 index was up 2% and the Nasdaq composite index ballooned 2.7%.

Global markets boomed. Stocks jumped 5.7% in Spain, 4.8% in France and 4.3% in Germany.

Markets rallied despite uninspiring economic data, including flat consumer spending in May that could foreshadow further economic slackening later this year.

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