U.S. markets were higher Friday following strong gains in Europe prompted by key policy decisions made at a European Union summit in Brussels.
With many details left for a later date, heads of state in the economically-troubled region agreed to form a strong, centralized banking regulator and give countries permission in the future to request bailout funds for their banks rather than for their governments, a step meant to avoid adding to sovereign debt burdens.
In Washington, the Commerce Department said consumer spending was flat in May for the first time since November 2011. Incomes rose marginally in the month.
In early afternoon trading on Wall Street, the Dow Jones industrial average added 225.61 points, 1.79 percent, to 12,827.87. The Standard & Poor's 500 index added 26.84 points, 2.02 percent, to 1,355.88. The Nasdaq composite index gained 73.46 points, 2.58 percent, to 2,922.95.
The 10-year benchmark treasury note fell 20/32 to yield 1.654 percent.
The euro rose to $1.2665 from Thursday's $1.2444. Against the yen, the dollar rose to 79.85 yen from 79.46 yen.
In Tokyo, the Nikkei 225 index climbed 1.5 percent, 132.67, to 9,006.78.
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