Stocks Advanced on Europe Support for Greece

Stocks closed higher for the third day in a row on Wednesday after European leaders renewed pledges to help Greece avoid defaulting on its debts. The Dow Jones Industrial Average gained 140.88 points, or 1.27%, to 11,246.73. The S&P 500 added 15.81 points, or 1.35%, to 1,188.68. The Nasdaq Composite rose 40.40 points, or 1.60%, to 2,572.55.

The leaders of Europe’s two largest economies renewed their call Wednesday for euro area nations to implement proposed reforms to counter the debt crisis threatening their common currency.The leaders said enacting a set of proposals the European Council announced in July to support Greece and prevent a broader crisis are now more important than ever to “ensure the stability of the eurozone.”

Moody’s downgraded the credit ratings of French banks Societe Generale and Credit Agricole on Wednesday following a period of huge volatility in the markets as investors fretted about their exposure to Greece’s debts.

A federal jury has awarded more than $919 million in damages to the DuPont Co. in a trade-secrets lawsuit involving high-strength synthetic fibers used in products such as Kevlar body armor.

Satellite radio company Sirius XM Radio Inc. is raising the price of its basic package for the first time on Jan. 1. The price of basic service will go from $12.95 to $14.49 per month, Sirius said Wednesday. It hasn’t raised that price since the service launched in 2002.

The Treasury Department has auctioned 30-year bonds at a record low yield as fears about Europe and the U.S. economy fed demand for lower-risk investments. The government sold $13 billion of bonds at a yield of 3.31 percent.

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