News of Italian Prime Minister Berlusconi's plan to resign lifts stocks; Dow rises 102, closes at 12,170
November 8, 2011
– Stocks are closing higher after Italian Prime Minister Silvio Berlusconi said he would resign.
Berlusconi promised to step down once Italy's parliament passes a package of economic reforms. Many investors saw Berlusconi as an obstacle to measures needed to help Italy avoid a debt crisis.
U.S. stock indexes turned lower earlier Tuesday after Berlusconi narrowly survived a confidence vote, a sign that he might cling to power.
The Dow Jones industrial average rose 102 points, or 0.8 percent, to close at 12,170. The S&P 500 rose 15, or 1.2 percent, to 1,276. The Nasdaq composite rose 32, or 1.2 percent, to 2,727.
Nearly three stocks rose for every one that fell on the New York Stock Exchange. Trading volume was above average at 3.8 billion shares.
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