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  • Dow ends up 52 on hopes for wider bailout powers



    THE Dow Jones industrial average closed up 52 points following a report that European leaders are considering more aggressive programs to bail out weaker countries in the region.

    Broader market indicators were mixed. The S&P 500 index rose 1 point and the Nasdaq composite edged lower. Materials and health care companies rose the most. Agricultural supplies company Monsanto Co. gained 2.8 percent; drug maker Pfizer Inc. added 2 percent.

    Stocks were stuck in neutral for most of the day after Standard & Poor’s said it might downgrade the AAA rating of Europe’s bailout fund. A report in the Financial Times late in the afternoon sent the Dow up as many as 117 points. The newspaper reported that European leaders are considering making more financial aid available to struggling countries.

    Investors remain cautious ahead of a summit of European leaders Thursday and Friday where the main task will be coming up with credible plans for preventing a simmering debt crisis from causing a breakup of the euro, the currency shared by 17 European nations. Such a shock would likely cause a deep recession in Europe that would spread through the world economy.


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