Stocks rallied again today on spromises from European leaders to do whatever it takes to support the Euro. Germany's Merkel and France's Hollande joined Mario Draghi's pledge to protect the currency. By midday the Dow was up 1.2%, the S&P 500 was up 1-1/2% and the Nasdaq rallied nearly 2%.
Also adding to the euphoria was a report on this nation's GDP that was in line with expectations leaving room for further Fed action. The data showed economic growth slowed in the second quarter, mostly due to a slowdown in consumer spending. Economists reportedly speculated the growth rate is too low to improve the jobs situation opening up the possibility for Fed stimulus.
Pharmaceutical giant Merck (NYSE:MRK) was the biggest gainer on the Dow, adding almost 4% mid-session on better than expected 2nd quarter earnings. As for the soaring Nasdaq, Amgen (NASDAQ:AMGN) helping to boost that index after forecasting much better than expected year end profits. Amgen stock trading up nearly 5%.
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