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Read it at Bloomberg News
The U.S. stock market rallied late Monday after a wild day that had investors worried about a Greek default—and ended high after rumors that Italy is in talks with China. Turmoil on the European markets over a Greek default caused the early-morning losses, as European equities dropped to a two-year low and sent the euro down to a seven-month low against the dollar. The Dow’s afternoon gains came after a rise in the NASDAQ; and news that Italy is in talks with China for debt-crisis aid helped erase the morning’s losses.