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8B Daily News – Wednesday, January 18, 2012 Europe's troubled debt mar- kets and China's economy were enough to lift stocks on Tuesday. The Dow Jones industrial average rose as many as 151 points in the morning before fading to a 60-point gain at the close. Debt auctions by Spain, Greece and Europe's bailout fund drew solid interest from investors, eas- ing fears that recent credit- rating downgrades would prevent them from obtain- ing funds. The downgrades had threatened to increase borrowing costs and intensi- Stocks close up on Europe debt sales, China growth Wall Street Slight improvements in fy the region's debt crisis. The Chinese govern- ment said earlier that its economy slowed less dra- matically in the fourth quar- ter than analysts had expect- ed. There's so much money sitting in short-term accounts and earning zero return that even a shred of good news can jolt the mar- ket higher, said David Kelly, chief market strategist with J.P. Morgan Funds. ''The stock market is cheap, but cash and Trea- surys are extremely expen- sive,'' Kelly said. ''That's why even though people are busy taking money out of stocks and putting it into bond funds, they really should be doing the oppo- site.'' The Dow rose 60.01 points, or 0.5 percent, to close at 12,482.07. It was the Dow's highest close since July 26, before the European debt crisis set off months of wrenching volatility. The Dow is up 264 points in the first 10 days of the year, the best Auxiliary A member of CHW CRAB FEED JANUARY 14, 2012 4TH Annual THANK YOU ALL FOR YOUR PARTICIPATION & SUPPORT! BUZ'S CRAB DR. FRANK & JEANNE GREENE FROM THE HEARTH BAKERY GUMM'S OPTICAL LASSEN MEDICAL GROUP MARTIN'S UPHOLSTERY MERCY HIGH SCHOOL MT. 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Citigroup Inc. fell 8.2 per- cent and M&T Bank Corp. fell 1.6 percent after their earnings fell short of esti- mates. Carnival Corp. plunged 13.7 percent after a cruise ship owned by one of its brands capsized off the coast of Italy, killing 11 pas- sengers. Italian prosecutors are charging the captain with manslaughter, causing a shipwreck and abandon- ing his ship before all pas- sengers were evacuated. Royal Caribbean Cruises Ltd. Co. fell 6.2 percent as analysts predicted ripple effects through the industry. Overseas markets rose earlier Tuesday after Spain auctioned off billions in short-term debt at sharply lower interest rates, indicat- ing strong demand for the nation's bonds. Spain's bor- rowing costs had spiked in recent weeks on fears it would be engulfed by the crisis and default on its debts. Standard & Poor's Counseling Center Giving Families Hope! 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That was the lowest in two and a half years, but still better than the 8.7 percent predicted by analysts. Chinese growth must stay strong to keep the glob- al economy moving as Europe tips toward reces- sion, said Brian Levitt, an economist with Oppen- heimer Funds. ''Many emerging mar- kets are more linked via exports to the Chinese mar- ket than to the European economy, so China becomes sort of the lynch- pin economic activity across much of the world,'' he said. Asian and European markets closed higher. France's CAC 40 rose 1.4 percent, Germany's DAX added 1.8 percent. Among the other U.S. companies making big moves Tuesday: — Lions Gate Entertain- ment Corp. rose 4 percent after it agreed Friday to buy Summit Entertainment, owner of the blockbuster ''Twilight'' franchise, for $412.5 million in cash and stock.