Business Finance

US Stocks Rise After EU Bailout Hurdle Cleared

Wednesday Sep 12, 2012

NEW YORK - U.S. stocks are higher at the opening of trading after Germany's high court cleared the way for the country to participate in a European rescue fund.

The Dow Jones industrial average is up 38 points to 13,361 shortly after the opening bell.

Germany's highest court ruled Wednesday that the country could contribute to Europe's €500 billion ($640 billion) rescue fund to help indebted governments.

In other trading, the broader Standard & Poor's 500 index is up five points to 1,438, and the Nasdaq index is up 13 points to 3,116.

Attention now shifts to the Federal Reserve, whose interest-rate committee starts a a two-day meeting Wednesday. Many expect the Fed to take steps to support the economy, through buying bonds or promising to keep short-term rates near zero beyond 2014.

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