Stocks Ended Best Week in 2012

U.S. stocks ended their best week in 2012 on Friday  as investors took a hopeful view that Europe would move to combat its economic crisis, including an anticipated recapitalization of Spanish banks. The Dow Jones Industrial rose 93.24 points, or 0.75%, to 12,554.20, giving it a weekly rise of 3.6%. The S&P 500 Index climbed 10.67 points, or 0.81%, to 1,325.66, leaving it 3.7% higher for the week. The Nasdaq Composite advanced 27.40 points, or 0.97%, to 2,858.42, up 4% from the week-ago close.

Spain is expected to ask the euro zone for help with recapitalizing its banks this weekend, sources in Brussels and Berlin said on Friday, becoming the fourth country to seek assistance since Europe’s debt crisis began.

A lawyer for a former Goldman Sachs Group Inc (GS) board member on trial for insider trading quizzed the investment bank’s chief executive, Lloyd Blankfein, on Friday about how well Goldman guards company secrets.

Crude-oil prices finished lower for the day, but gained on the week. Light, sweet crude-oil futures for July delivery shed 72 cents, or 0.9%, to settle at $84.10 a barrel on the New York Mercantile Exchange.

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