Libya cease-fire, yen plan pulls stocks higher
NEW YORK (AP) — Stocks ended a rough week with slight gains after Libyan government forces declared a cease-fire and a group of the world’s seven largest countries announced a plan to bring the yen down from historic highs.
Japan’s currency has soared since an earthquake struck the country a week ago. A stronger yen makes it more difficult for Japan’s export-driven economy to recover.
Financial stocks rose after JPMorgan and other large banks increased their dividends.
The Dow Jones industrial average gained 84 points, or 0.7 percent, to 11,859. The S&P 500 rose 5, or 0.4 percent, to 1,279. The Nasdaq gained 8, or 0.3 percent, to 2,644.
More than two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was 5.3 billion shares.