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Monday Evening Business Brief

October 10, 2011, 5:23 PM

Monday Evening Business Brief
A great start to the week for stocks. All the major indexes posted strong gains after French and German leaders promised to strengthen European banks. The Dow Jones industrial average jumped 330 points to 11,433. The Standard and Poor's 500 index rose 39 points to 1,195. The Nasdaq composite index gained 87 points to 2,566.
  • Oil prices are higher after France and Germany agreed to strengthen Europe's ailing banks. That helped ease concerns about the global economy. The price of benchmark crude was up $2.43 to $85.41 a barrel in New York.
  • Apple stock rose five percent after it said that pre-orders for its new iPhone 4S topped one million. That breaks the record set by last year's model. Apple stock climbed more than $19 a share to $388.81.
  • The euro soared against the dollar after the leaders of France and Germany pledged to strengthen Europe's banks. It was at $1.365 in late trading compared to below $1.34 on Friday. The dollar was also lower against other foreign currencies.
  • Feel like owning a piece of an NFL team? The Green Bay Packers are expected to sell stock in the team by the end of the year. The money would help pay for a $130 million renovation of legendary Lambeau Field.

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