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Draghi nudges Spain to take up bond plan

FRANKFURT, Germany (AP) â¿¿ European Central Bank President Mario Draghi nudged Spain and its European partners to take up the bank's offer to help with the country's high debt costs, reassuring Madrid that the conditions for getting the assistance "don't need to be punitive."

The ECB chief said at a news conference in Brdo Pri Kranju, Slovenia, that Spain had made "significant progress" toward getting its finances under control, adding that a number of measures had been "announced, legislated, and implemented" in only a short period of time.

Draghi, however, said it was up to Spain to decide whether to seek help.

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By The Associated Press(equals)

The Dow Jones industrial average gained 80.75 points to close at 13,575.36. The Standard & Poor's 500 index climbed 10.41 points to 1,461.40. The Nasdaq composite rose 14.23 points to 3,149.46.

Oil settled at $91.71 per barrel, up $3.57, or 4 percent, on the New York Mercantile Exchange. Brent crude, used to price international varieties of oil, rose $4.41, or 4.1 percent, to $112.58.

Wholesale gasoline rose 14.34 cents, or 5.1 percent, to $2.943 per gallon. Natural gas rose a penny to $3.406 per 1,000 cubic feet. Heating oil added 12.2 cents, or 4 percent, to $3.1884 per gallon.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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