Stocks Recover After Steep Drop

U.S. stocks finished higher on Friday, after a steep decline in Thursday’s session,  as investors cheered news that the European Central Bank would take further steps to ease loan collateral for banks. The Dow Jones Industrial Average rose 67.21 points, or 0.53%, to close at 12,640.78, but fell 1% for the week, while the S&P 500 added 9.51 points, or 0.72%, to 1,335.02, losing 0.6% for the week. The Nasdaq Composite rose 33.33 points, or 1.17%, to 2,892.42, ending the week 0.7% higher.

Spain will carry out yet another stress test of its banks by October with a focus on seven lenders, documents released after an independent audit of the banking sector showed on Friday.

A risk of engine fires is forcing General Motors to recall its popular Chevrolet Cruze compact car. The recall covers the 2011 and 2012 model years and affects more than 475,000 cars, which have ranked among the top-selling U.S. compacts over the past two years.

Crude-oil futures gained Friday. Crude oil for August delivery rose $1.56, or 2%, to end at $79.76 a barrel on the New York Mercantile Exchange.

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