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Futures rally following decisive call in Europe

on June 29, 2012 9:00 AM

NEW YORK (AP) — Stock futures are rebounding sharply after European leaders appeared to take decisive action on debt issues that have threatened to spread across the continent.

Markets had grown increasingly dubious about the ability or willingness of the European Union to take action that would avert a broadening crisis, but on Friday leaders in Brussels revealed a new plan to send EU bailout funds directly to struggling banks and to ease austerity measures on the most troubled nations.

Dow Jones industrial average futures are jumping 134 points to 12,660. Standard & Poor's 500 futures are up 18.6 points to 1,341 and Nasdaq futures are adding 35.75 points to 2,563.50.

Benchmark oil is up $2.81 to $80.50 a barrel on the New York Mercantile Exchange, a day after hitting eight-month lows.

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