A coordinated response by the world’s leading central banks to the Eurozone crisis led U.S. stocks to score their biggest daily percentage gains yesterday (November 30), with three benchmark indices ending with at least a 4% gain.
The Dow Jones Industrial Average (DJIA) closed at 12,045.68, up 490.05 points or 4.24%. It was the Dow’s biggest one-day gain since March 23, 2009.
The S&P 500 also surged, ending the trading day up 51.77 points, or 4.33%, to 1,246.96. It was the S&P’s highest daily gain since August 11, 2011.
The tech-heavy Nasdaq Composite Index also soared yesterday closing at 2,620.34, up 104.83 points or 4.17%.
The “Greek Debt Crisis” explained
Financial markets worldwide are still on a decline and are being dragged supposedly because of the Eurozone debt crisis. Foremost among these problems is Greece — a country of 11.3 million people with external debt reaching more than $500 billion — currently at the brink of debt default.
What exactly happened? What led Greece to reach this unenviable position? Why are Greek people protesting?
Here’s a simple explanation of the Greek debt crisis.