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News Summary: Wall Street up on hopes of stimulus

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News Summary: Wall Street up on hopes of stimulus
Submitted by Fox First at Ten on June 12th

By The Associated Press
FED STIMULUS HOPES: Stocks staged one of their strongest rallies of the year Tuesday, erasing a big decline from the day before, after Charles Evans, president of the Fed's Chicago bank, told Bloomberg News he supported action to produce faster job growth.
SPAIN'S COSTS RISE: Spain's borrowing costs jumped to the highest level since Spain adopted the euro currency. The interest rate, or yield, on Spain's 10-year bond rose as high as 6.81 percent.
LUXURY HOLDS UP: Michael Kors Holdings reported that its fourth-quarter profit more than tripled on strong demand for its luxury clothing and accessories. The company raised its earnings forecast for the quarter and the year.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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