Stocks

Brexit Pact Sends European Stocks Higher

European stocks turned higher Thursday as key political leaders say they’ve reached a deal for the U.K. to exit the European Union.

European stocks turned higher Thursday as key political leaders say they’ve reached a deal for the U.K. to exit the European Union.

European stocks and Dow Jones Industrial Average futures turned higher Thursday as key political leaders say they’ve reached a deal for the U.K. to exit the European Union.

The pact, announced by U.K. Prime Minister Boris Johnson and European Commission President Jean-Claude Juncker, will still need ratification from national parliaments, with the U.K. Parliament set to vote on the deal Saturday with a Northern Irish political party still withholding support for now.

The German DAX jumped 1.01% to 12798.08, the French CAC 40 added 0.44% to 5721.88 and the U.K. FTSE 100 rose 0.59% to 7210.52. Dow futures have advanced 109 points, or 0.4%.

The British pound shot through $1.29 on the deal. U.S. stock futures also rose.

Companies that rallied on the tentative deal included British Land, which rose 4%, and Barclays , which rose 3.2%.

Other movers on Thursday included Ericsson, as the Swedish telecommunications equipment maker lifted its margin forecast.

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