Wall Street Climbs as Euro Plan Details Emerge
By Chuck Mikolajczak
NEW YORK (Reuters) – Stocks rose on Wednesday as details from the European summit to resolve the debt crisis began to emerge.
The euro zone aims to leverage its 440 billion euro bailout fund, the European Financial Stability Facility, or EFSF, “several fold,” but finance ministers will only agree the details of how that will be done in November, according to a draft statement obtained by Reuters to be issued after the summit on Wednesday.
“The market has begun to discount any meaningful announcement coming from today’s meeting — that should be helpful for the markets as the bar is set pretty low,” said Joseph Tanious, market strategist at J.P. Morgan Funds in New York.
“That said, the devil is always in the details. Are we going to get some clarity around the bank recapitalization? Are we going to get some clarity around leveraging the EFSF and some clarity around Greece? We need to see the degree of which details are going to be released in the statement.”
The S&P has risen 9.5 percent for the month on growing optimism a sovereign debt deal in Europe was drawing to a conclusion. For more visit: Business Standard
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