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Dow erases 2011 declines Wednesday on Europe's debt plans
Source:
(AHN)
Reporter:
Diane Alter
Location:
New York, NY, United States
Published:
October 12, 2011 03:08 pm EDT
Topics:
Economy, Business And Finance, Financial And Business Service, Stock Broking, Economy, Business And Finance, Market And Exchange
The Dow Jones Industrial Average soared nearly 200 points in mid-afternoon trading Wednesday as investors applauded Europe's plan to recapitalize banks and stem the euro region's blooming debt crisis.
The S&P 500 Index climbed 1.7 percent, reaching its highest level since Aug. 31. Just a few weeks ago the index was flirting with bear territory. The NASDAQ jumped 37 points.
Leading markets higher were Wells Fargo, Citigroup, Sears Holdings Corp., Dow Chemical Co. and Caterpillar. PepsiCo, the world's largest snack food maker, rose 3.9 percent as profits and revenues beat forecasts.
Minutes of the Federal Reserve's latest meeting released Wednesday revealed that some Fed officials wanted to keep further asset purchases open as an option to bolster the economy as many policy makers pointed to "considerable uncertainty" that U.S. growth would improve.
Overseas markets also rose as European Commission President Jose Barroso called for an organized and united reinforcement of debt crisis-ridden banks, the payout of a sixth loan to near-bankrupt Greece and a quicker start for a permanent rescue fund to fix Europe's sovereign debt woes.
Gold was looking stellar, rising over $20 an ounce, and platinum shone even brighter, gaining nearly $30 an ounce.
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