Wall Street closes at 3-month high on hopes for Europe
NEW YORK (Reuters) – Stocks closed at three-month highs for the second day in a row on Monday, extending last week’s rally on the hope for more assistance for the troubled euro zone. The S&P 500 rose to its highest point since early May, but pared its gains going into the close. The benchmark index also failed to breach 1,400, a level that could spur further buying if convincingly broken. The S&P 500 hasn’t closed above the 1,400 level since May 2. Sentiment in Spanish and Italian bond markets – the forefront of the three-year debt crisis – improved, with two-year Spanish yields falling to 3. . . .
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