Summary Box: Berlusconi's exit sends stocks higher

AP News
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Posted: Nov 08, 2011 5:05 PM
Summary Box: Berlusconi's exit sends stocks higher

BERLUSCONI OUT: Stocks turned higher immediately after Italian Prime Minister Silvio Berlusconi promised to resign once a new budget was passed. Investors saw him as an obstacle to reforms needed to help Italy avoid a debt crisis.

TOO BIG TO BAIL OUT: With $2.4 trillion in debt, Italy is far too big to bail out. Italy's economy dwarfs those of smaller European countries like Ireland, Greece and Portugal that have received financial lifelines.

THE DOW: The Dow Jones industrial average closed at 12,170, up 101 points. It had been down as many as 66 in late morning trading. It's up 5.1 percent for the year.