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. Last Updated: 07/27/2016

Dow Gooses Euro Markets

LONDON -- Most European bourses surged strongly Friday, buoyed by good German monetary data and Wall Street's record-breaking action Thursday.


The Dow Jones Industrial Average gained more than 50 points at Friday's opening, although profit-taking quickly drove the market lower. The Dow closed Thursday up 92.49 points, its fourth-highest gain in history, to a record high of 5,608.46.


Alan Greenspan, nominated Thursday by U.S. President Bill Clinton for a third term as Fed chairman, indicated Wednesday that new interest-rate cuts were possible, sparking the Dow leap.


Clinton also announced nominees for two other vacancies on the Fed board: White House Budget Director Alice Rivlin and St. Louis economist Laurence Meyer. Although Clinton had sought more pro-growth candidates, both Rivlin and Meyer are considered likely to hew closely to Greenspan's careful anti-inflationary policies.