Dow, S&P Surge After European Union Consensus

It's time to exhale: The Europe crisis has ended! Not actually, but it almost looked that way this morning. Relieved investors flooded the markets, sending the Dow Jones Industrial Average (INDEX: ^DJI  ) and the S&P 500 (INDEX: ^GSPC  ) sharply higher. EU leaders debated until 4:30 a.m. in Brussels, when they paved the way for a bailout of Spanish and Italian banks after agreeing to relax requirements on Spanish banks.

The decision completely jolted the markets, pleasantly surprising investors and analysts who'd expected the summit to deadlock. But while the markets reacted to short-term news, the European crisis lingers and volatility will remain the modus operandi. That confirms the strategy here at the Fool of finding value investments and holding on to them for the long run. Surprise decisions may dictate the markets' short-term future, but great companies are likely to triumph on their own merit in the long run.

The rest of the economy took a cue from Europe, with every Dow component positive. Bank of America delivered up 3%-plus gains, making it one of the biggest winners. JPMorgan (NYSE: JPM  ) even managed a small gain despite its original $2 billion loss potentially transforming into two or three times that. From a long-term standpoint, though, the two banks are still easily two of the Dow's top stocks going forward.

From a numbers standpoint, no industry in the Dow beat tech. Hewlett-Packard (NYSE: HPQ  ) soared almost 3% due to its large European exposure, while shares of peers Cisco, Microsoft, and Intel also rose. Hewlett-Packard holds the Western Europe lead in market share at over 20%.

Boeing (NYSE: BA  ) actually jumped on some non-Europe-related news. Investors seem excited about the initiatives the company announced this morning, sending shares up 3%. Its 787 Dreamliner will fly for the first time at the Farnborough International Airshow, where Boeing also plans to present some of its new, cutting-edge technologies and services. Senior Vice President Tom Downey clearly shares investor enthusiasm, excited about "the opportunities the [air] show provides to meet with customers, partners and other stakeholders."

That's the current roundup. As the market twists and turns on a daily basis, it becomes more and more important to track all of your favorite companies. Make sure to add these companies to your free My Watchlist feature to get up-to-date analysis whenever news breaks. To get started, click on any company below:

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