The Dow Jones industrial average surged nearly 340 points Thursday after European leaders agreed on a deal to slash Greece’s debt load and prevent the crisis there from engulfing larger countries like Italy. The Standard & Poor’s 500 index is close to having its best month since 1974. Commodities and Treasury yields soared as investors took on more risk. The euro rose sharply against the dollar. Europe’s sweeping agreement is aimed at preventing the Greek government’s inability to pay its debt from escalating into another financial crisis like the one that happened in September 2008 after the collapse of Lehman Brothers.
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