Report card for Europe’s banks lifts U.S. indexes to close week
Investors sent stocks sharply higher on reassuring news about European banks. Investors were initially cautious after European regulators announced encouraging results of “stress tests” on banks, which measure how well banks will fare if government debt problems and the region’s economy worsened.
Friday’s slew of earnings reports also helped convince investors that the U.S. economic recovery is proceeding. The major indexes had a winning week, rebounding from the previous week’s loss.