NEW YORK (TheStreet) -- U.S. stocks staged a huge rally Friday as investors cheered the progress being made at the latest Europe Union summit on concrete measures to address the region's debt crisis.
Trading was volatile across a swath of asset classes with gold jumping more than $50 to breach $1600 an ounce, oil making a convincing break back above $80 a barrel, bonds selling off sharply and the dollar tumbling more than 1% against a basket of foreign currencies.
The Dow Jones Industrial Average soared nearly 278 points, or 2.2%, to close at 12,880. The blue-chip index rose 1.9% for the week and finished June with a gain of nearly 4%. Despite a 2.5% decline in the calendar second quarter, the Dow is now up 5.4% so far in 2012.
The S&P 500 surged 33 points, or 2.5%, to finish at 1362, right at its high for the day. The benchmark index advanced 2% for the week, putting it up 4% for the month. Although the S&P 500 fell 3.3% during the quarter, it's appreciated 8.3% year-to-date.The Nasdaq jumped close to 86 points, or 3%, to settle at 2935, logging its fourth-straight weekly gain. The index booked a 1.5% rise for the week and added 3.8% in June. For the year, the Nasdaq is up 12.7% but it lost 5% in the calendar second quarter. The three major averages managed to record their first concurrent June gains since 2004.
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