Wall Street advanced as investors reacted to news out of Europe as the Dow Jones Industrial Average gained 208 points. Mark Lasseigne has your market report on today's Acadiana Business Index.

 

 

  
  • Stocks leapt after reports that Greek Prime Minister George Papandreou could submit his resignation, casting doubt on his plan for a vote on the country's bailout package.
  • In addition, the European Central Bank cut its main refinancing rate.  However, new European Central Bank President Mario Draghi predicted the euro zone is headed to a mild recession. Stocks dropped into the red after Draghi's comments, but climbed back.
 
  • Economic data was largely ignored. The Labor Dept. reported seasonally adjusted claims for unemployment benefits. 397,000 Americans filled last week.
  • In addition, data showed U.S. factory orders rose unexpectedly in September, while the U.S. nonmanufacturing sector saw little change in in October.
 
  • Kraft Foods was the strongest blue-chip stock, advancing 3.3 after the food company's third-quarter earnings and revenue exceeded expectations.
  • While Kellogg's lost 7.6% after reporting weaker-than-expected sales growth. The company also lowered its bottom-line guidance.
 
  • Crude oil settled higher to $94.07 a barrel.
  • And Gold closed at $1,765 an ounce.