NEW YORK—The Standard & Poor’s 500-stock index posted its biggest daily gain of the year, an exclamation mark on stocks’ best June in more than a decade, as investors cheered European leaders’ progress on the region’s debt problems

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Go ahead and eat it Homer….

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The euro surged the most this year after European leaders agreed to drop the condition that emergency loans to Spanish banks give their governments preferred creditor status.

The European Union has “addressed the issues on the seniority of Spanish loans,” said Roy Teo, a currency strategist in Singapore at ABN Amro Private Bank. “That should help push down Spanish yields. It’s positive for the euro.”

The 17-nation euro surged as much as 1.5 percent, the biggest intraday advance since Nov. 30. It was up 1.2 percent to $1.2591 at 12:28 p.m. in Tokyo from the close in New Yorkyesterday. The euro jumped 1.1 percent to 99.93 yen after earlier falling as much as 0.3 percent. The Japanese currency fetched 79.35 per dollar from 79.46.

The Australian dollar added 0.9 percent to $1.0136 and the New Zealand dollar rallied 0.7 percent to 79.35 U.S. cents.

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Asian stocks climbed, with the regional benchmark index posting its biggest gain in three weeks, after European leaders meeting in Brussels agreed to ease repayment rules to Spanish banks and make it easier to recapitalize the region’s troubled lenders.

Westpac Banking Corp. (WBC) rose 1.4 percent in Sydney as banks provided the biggest support to the Asian benchmark after leaders of the 17 euro countries dropped a requirement that governments get preferred creditor status on crisis loans to Spain’s banks. Toyota Motor Corp. (7203) advanced 2.4 percent, leading gains among Japanese exporters. BHP Billiton Ltd. (BHP), the world’s largest mining company, climbed 2.6 percent as metals prices soared.

The MSCI Asia Pacific Index (MXAP) climbed 1.8 percent to 117.03 as of 1:41 p.m. in Tokyo. The gauge fell 12 percent through yesterday from a February high amid concern growth in China and the U.S. is slowing as the euro-zone debt crisis escalates.

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Here are today’s hybrid movers, Click here for charts

“Securities regulators have sued Philip Falcone and Harbinger Capital Partners LLC, accusing the hedge-fund manager and his firm of a raft of violations, including misappropriating client assets, manipulating bond prices and favoring certain customers over others.

The U.S. Securities and Exchange Commission filed civil fraud charges Wednesday against Harbinger, Mr. Falcone and Peter Jenson, the firm’s former chief operating officer, in U.S. District Court.”

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An image of Google’s 7-inch tablet, the Asus-built Nexus 7, has appeared on Google’s image servers, The Verge reports.

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$XOM says they are ‘losing their shirt’ om natty gas. Current prices are not sustainable. HINT….

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Wishing everyone well during this trialing natural disaster.

99 Pics

Here are some small bombs via PPT, click here for charts

LMAO

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So called ‘guardians’ of current LIBOR practices are fighting against any changed proposed by a panel set out to investigate and regulate current condition. The guardians say new regulations would violate or cancel many open contracts.

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“The stock market has been soft all morning and traders are trying to find support and trying to determine whether or not it will hold up this Monday. We are tracking the daily buy/sell pivot points on the SPDR S&P 500 (AMEX: SPY) as the most liquid equity ETF on the market to help traders and investors avoid buying at the wrong time or shorting just before a intraday rally.”

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Collusion and corruption rule the day….

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Apple’s newly redesigned Maps application in iOS 6 will feature built-in support for users to check in with the social service Yelp, according to a new report. Read more

Here are Friday’s hybrid movers priced under $10, click here for all 92 charts.