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Draghi remarks give hope for Europe, drive U.S. stocks up

The president of the European Central Bank (ECB) gave a more hopeful outlook for the troubled eurozone Wednesday, saying the bank is ready to act if the Spanish bank crisis worsens or Greece drops the euro.

Bank President Mario Draghi said the ECB will continue its policy of loaning European banks as much money as they need for periods of three months, according to Bloomberg. Draghi also stressed, though, that countries need to work better to solve their own crises and not rely on just the ECB to fix problems.

Some expect that Draghi and the ECB will cut interest rates next month, which he said the bank discussed Wednesday.

The news out of Europe today drove the Dow Jones Industrial Average index up, along with the Standard & Poor’s 500 index and the Nasdaq index.

A survey of economists released today by Bloomberg shows that despite European fears, the U.S. economy is still expected to grow, with an average prediction that gross domestic product in the U.S. will rise by 2.2 percent in 2012.

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