NEW YORK – Stocks are rising in early trading after the world’s seven largest industrialized countries backed a plan to bring the Japanese yen down from post-war highs. Japan’s currency has soared in value since an earthquake a week ago, leading to a possible slowdown in its export-driven economy.
Libya, meanwhile, declared a cease-fire with rebel forces after the United Nations Security Council authorized military strikes against the country. That pushed oil prices down in early trading.
The Dow Jones industrial average is up 133 points, or 1.1 percent, to 11,907 in morning trading. The S&P 500 is up 14, or 1.1 percent, to 1,287. The Nasdaq composite is up 26, or 1 percent, to 2,662. Each index is on track to finish the week down more than 1 percent.
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