Stocks Open Up after EU Budgetary Pact

U.S. stocks climbed on Friday, with financial companies pacing the gains, after European leaders agreed to closer fiscal ties and other measures to tackle the region’s debt crisis. The Dow Jones Industrial Average rose 77.65 points to 12,075.35. The S&P 500 Index added 8.74 points to 1,243.09. The Nasdaq Composite advanced 11.34 points to 2,607.72.

The European Union said Friday that 26 of its 27 member countries are open to joining a new treaty tying their finances together to solve the euro crisis. Only Britain remains opposed, creating a deep rift in the union.

The U.S. trade deficit narrowed in October to its lowest point of the year after Americans bought fewer foreign cars and imported less oil. The Commerce Department said Friday that the trade deficit shrank 1.6 percent to $43.5 billion. It was the fourth straight monthly decline. Overall imports fell 1 percent to $222.6 billion, which largely reflected a 5 percent decline in oil imports.

Crude-oil futures traded lower Friday, erasing some gains amassed in Asian and European trading hours as most European Union countries agreed to new, tighter fiscal rules, but the decision was not unanimous. In the U.S., lower earnings guidance from large corporations dented sentiment. Crude for January delivery retreated 4 cents to $98.26 a barrel, off the day’s lows.

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