Stocks gain on crisis-fight optimism

EUROPEAN stocks gained yesterday, paring weekly losses, while the euro rose and Spanish and Italian bonds rallied amid optimism the EU will meet a deadline of December 19 for funding a crisis-fighting package.

The MSCI All-Country World Index of shares climbed 0.6% yesterday, trimming its weekly slump to 3.2%. The Standard & Poor’s 500 Index advanced 0.9% to 1,226.17. The euro rose 0.1% to $1.3033.

Yields on 10-year Spanish and Italian government debt dropped 19 basis points and 22 basis points, respectively. Copper futures jumped 1.9%, ending a four-day losing streak.