Stocks jumped Wednesday, chalking up their strongest day of 2012, as signs of moves in Europe to rescue Spain’s troubled banks sparked a rebound from recent selling.
The Dow Jones industrial average closed with a gain of 287 points. The broader S&P 500 and the technology-focused Nasdaq composite index also rallied strongly.
A gloomy jobs report and signs of a global economic slowdown hammered Wall Street Friday, wiping out the stock market’s gains for 2012. However, Wednesday’s advance lifted stocks back into positive territory for 2012.
Signs of urgent moves in Europe also boosted stocks.
European sources said German and European Union officials sought solutions for Spain’s weakened banks, the latest worry in the fiscally troubled euro zone, although Madrid has not yet requested assistance and is resisting political conditions.
Adding to the slightly more upbeat news on the economy, the Federal Reserve said in its Beige Book summary that U.S. economic growth picked up over the two prior months and hiring showed signs of a modest increase.