David K. Randall and Stan Choe, AP Business Writers, On Thursday October 27, 2011, 5:19 pm EDT
NEW YORK (AP) -- An agreement to contain the European debt crisis electrified the stock market Thursday, driving the Dow Jones Industrial average up nearly 340 points and putting the Standard & Poor's 500 index on track for its best month since 1974.
Investors were relieved after European leaders crafted a deal to slash Greece's debt load and prevent the crisis there from engulfing larger countries like Italy. The package is aimed at preventing another financial disaster like the one that happened in September 2008 after the collapse of Lehman Brothers.
But some analysts cautioned that Europe's problems remained unsolved.
"The market keeps on thinking that it's put Europe's problems to bed, but it's like putting a three-year old to bed: You might put it there but it won't stay there," said David Kelly, chief market strategist at J.P. Morgan Funds.
http://finance.yahoo.com/news/European-debt-deal-lifts-Dow-apf-2182810507.html?x=0&sec=topStories&pos=main&asset=&ccode=
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