Stocks Opened Sharply Higher on Spain

Stocks opened slightly higher on Monday after euro zone finance ministers agreed on an aid package to help Spain. The Dow Jones Industrial Average lately climbed 47.15 points, or 0.38%, to 12,601.35. The S&P 500 Index added 4.73 points, or 0.36%, to 1,330.39. The Nasdaq Composite advanced 6.77 points, or 0.24%, to 2,865.19.

In the aid deal, Spain will be lent up to 100 billion euros ($125 billion) to help the country’s battered banks. The size of the package was larger than expected, removing a huge cloud that has been hanging over financial markets.

Goldman Sachs Group Inc. (GS) said it expects a 29 percent return from the Standard & Poor’s GSCI Enhanced Commodity Index over the next 12 months, with the biggest gains in energy and base metals.

Oil rose the most in more than five months in New York on speculation fuel demand will increase after Spain requested a European bailout to shore up its banks and China’s imports of crude climbed to a record. Oil for July delivery increased as much as $2.54 to $86.64 a barrel in electronic trading on the New York Mercantile Exchange, and was at $86.38 at 7:33 a.m. Singapore time.

Samsung Electronics denied it was interested in acquiring Nokia, sending shares in the Finnish mobile phone company down 2 percent.






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