Wall Street, Stocks Up | featured news

The Federal Reserve says it may start dialing back asset purchases this summer, but Wall Street doesn't seem worried Wednesday with stocks flying Wednesday and driving the major averages to fresh nominal highs.

Stocks got a boost on Wall Street from positive economic news on Monday. The Dow Jones industrial average rose 135 points to 13,572 in the first hour of trading. The market was already higher in the opening minutes of trading, then jumped at 10 a.m. after the Institute for Supply Management reported that U.S. manufacturing grew in September for the first time in four months.

Stocks are surging on Wall Street, breaking a four-day losing streak, after the government reported a sharp pickup in hiring by U.S. employers in July. The Dow Jones industrial average shot up 244 points to 13,123 shortly before noon. The broader Standard & Poor's 500 index rose 28 points to 1,393, and the Nasdaq composite added 62 points to 2,972.

News that European leaders will take action aimed at quelling the debt crisis that has been plaguing the continent for more than two years unleashed a global rally that sent U.S. markets roaring more than 2% higher. However, Wall Street still capped the second quarter in the red.

Stocks advanced on Tuesday, putting the S&P 500 on track for its fourth straight gain on increased hopes for central bank stimulus measures ahead of the Federal Reserve's policy meeting.

Wall Street closed out its strongest quarter in nearly three years Friday, leaving investors wondering if the market can continue to deliver strong gains in the weeks and months ahead.

Stocks jumped more than 2 percent at the open on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with banks and insurers to accept 50 percent losses on Greek bonds.

Strong corporate results and hope that European leaders were making progress on their debt woes helped lift shares on Wall Street.

Wall Street celebrated Columbus Day with a 330-point buying binge on the Dow as traders around the world breathed a sigh of relief that European leaders pledged to bolster their banks and the markets look ahead to the start of earnings season.

Signs that the nation's massive services sector continues to expand, albeit at a slower pace, helped push stocks into positive territory by midmorning on Wall Street Wednesday.