Euro Rallies on ECB Loan Rumors

U.S. stocks rallied as euro, European markets come off lows.

After moving lower mid-morning, the euro rallied going into the close of European trading at 11:30am ET.

The rumor du jour was that the ECB might announce a new loan facility to help Eurozone banks. That facility expired in December last year; it provided cheap money to banks who needed to rebuild their balance sheets.

Bear View:

• Euro Will Collapse Like Tower of Babel: Economist

Special Report:

• The European Debt Crisis — Full Coverage

Slideshow:

• Scenes from the Greek Riots

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