NEW YORK (AP) — Stocks are closing higher following reports that China will come to the aid of Europe by investing in a financial rescue fund.
Agence France-Presse reported that China has agreed to invest in Europe’s financial rescue program. The fund will be used to support struggling countries in the European Union.
Stocks were mixed before the report Wednesday as investors weighed higher earnings from Boeing and Corning with continued uncertainty about the outcome of Europe’s debt crisis.
The Dow Jones industrial average rose 162 points, or 1.4 percent, to 11,869. The S&P 500 gained 13, or 1.1 percent, to 1,242. The Nasdaq rose 13, or 0.5 percent, to 2,651.
Five stocks rose for every one that fell on the New York Stock Exchange. Volume was slightly above average at 4.8 billion shares.