Markets around the world jumped on news of an agreement among eurozone countries to use bailout funds to directly recapitalize struggling banks, a move that should help bring down Italian and Spanish borrowing costs. Leaders at the EU summit seemed to indicate that easing those borrowing costs is a top priority that must be carried out before further steps can be taken to shore up the currency union. Investors applauded the news as major indexes in Asia jumped over 1% and the German DAX and French CAC 40 climbed more than 2.5%.
Dow Jones Industrial Average
Expect BlackBerry maker Research in Motion
Highlighting Europe's weight on the global economy, apparel king Nike
Two economic reports come out later this morning. At 9:45 a.m. EDT, the Chicago Purchasing Manufacturers Index will be released, with the market looking for a June figure of 53 after last month's 52.7. The University of Michigan Consumer Sentiment Index comes out shortly after at 9:55 a.m. EDT, and economists are predicting the same 74.1 rating for June as in May. The Conference Board Consumer Confidence Index released earlier this week came in two points lower than expected.
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