US stocks climb as Spain concerns soften

<p>US stocks climb as concerns about Spain’s finances ease.</p>

US stocks opened higher today (October 2nd) as concerns about Spain's financial woes softened.

A Reuters report revealed that Spain is preparing to request a eurozone bailout as early as next weekend, raising confidence that the country's uncertainty surrounding its rescue funding will finally come to an end and the debt-addled nation can begin to recover.

Paul Mendelsohn, chief investment strategist at Vermont firm Windham Financial Services, was quoted by Bloomberg as saying: "I think the market feels that we are closer to some type of action and resolution in terms of the Spanish problem."

If Madrid were to pursue a bailout, it would trigger mass bond-buying by the European Central Bank and would help ease US investor fears about the single currency region's money problems impacting on the US and global economy.

At 16:50 BST, the Dow Jones was marginally lower by 0.2 per cent to an index value of 13485.0 points, while its neighbour the Nasdaq rose by 0.2 per cent to 3122.6 points.

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