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European debt deal sends markets higher

The Dow gained 152 points, the S&P 500 rose 18 points, and the Nasdaq closed 20 points higher, following news of a new set of loans for Greece

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In this July 18, 2011 file photo, trader James Riley, center, works on the floor of the New York Stock Exchange. World stock markets were mostly down Thursday, July 21, 2011, after China's manufacturing contracted and uncertain traders watched for progress on the US government debt limit and Europe's debt crisis.

Richard Drew / AP

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NEW YORK (AP) — News that European leaders are drawing up a new rescue plan for Greece is driving stock indexes higher.

European officials say they'll give Greece a new package of rescue loans. They also plan to lower interest rates and lengthen payback terms for Greece, Ireland and Portugal.

Worries about Europe's debt crisis have been hanging over markets for weeks.

The Dow Jones industrial average rose 152 points, or 1.2 percent, to close at 12,724 Thursday.

The S&P 500 index rose 18 points, or 1.4 percent, to 1,344. The Nasdaq composite index rose 20 points, or 0.7 percent, to 2,834.

Four stocks rose for every one that fell on the New York Stock Exchange. Volume was higher than average at 4.4 billion shares.


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