PARIS (AP) The French government has promised 20 billion ($25 billion) in tax credits to businesses as part of a "competitiveness pact" that it hopes will spark innovation and lower unemployment, but falls short of calls in a recent report for a "shock" to the economy.
The announcement of the plan Tuesday came a day after a government-commissioned report by Louis Gallois, former head of Airbus parent EADS said the country's ailing economy needed a big kick to stay globally competitive.
Prime Minister Jean-Marc Ayrault said the government's plan, which includes a 500 million fund to help struggling small businesses, would put the country "back at the heart of the world economy."
___By The Associated Press(equals) The Dow Jones industrial average rose 133.24 points to close at 13,245.68. The Standard & Poor's 500 index rose 11.13 points to 1,428.39, while the Nasdaq composite index gained 12.27 points to 3,011.93. Benchmark crude rose $3.06, or 3.6 percent, to finish at $88.71 in New York. Brent crude, used to price international varieties of oil, surged $3.34, or 3.1 percent, to $111.07 in London. Wholesale gasoline rose 8 cents to $2.70 a gallon. Heating oil rose 7 cents to $3.05 a gallon. Natural gas rose 6 cents $3.62 per 1,000 cubic feet.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV