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Wall Street moved higher Wednesday amid optimism about corporate earnings and a meeting of European leaders focused on tackling the region's debt crisis.
The Dow Jones industrial average jumped over 160 points at the start of trading, but had recently given up some of that early gain.
According to Reuters, Germany's Bundestag lower house of parliament has approved a motion to strengthen the euro zone rescue fund via leveraging on Wednesday, providing Chancellor Angela Merkel with the mandate she needs to negotiate at a key euro summit later in Brussels.
Corporate earnings are in high gear, with plane maker Boeing posting a larger quarterly profit. Also, Boeing's long-delayed 787 Dreamliner takes its first paying passengers later in the day.
Separately, Ford reported a lower third-quarter earnings, but beat estimates. Alan Mulally, Ford’s CEO, spoke with CNBC’s Phil LeBeau about the automaker’s earnings results Wednesday and the company’s plans for issuing a dividend to investors:
In economic news, the Commerce Department said sales of new U.S. homes rose in September after four straight monthly declines, largely because builders cut their prices. Separately, demand for a range of long- lasting U.S. manufactured goods rose more than expected in September to post the largest increase in six months, cementing views of a step-up in economic growth in the third quarter.
The Associated Press and Reuters contributed to this report.
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Up, down, up, down. This is making me nauseous! I've said it before, who ARE these people that buy and sell every day? I don't get it.
I agree. MSNBC's story changes from hour to hour, I don't think they have a clue what they are reporting on.
Only you democrap JACKA$$ES trust the media to tell you the truth. The rest of us don't believe a word from these reporters with the IQ of a duck. Sick of seeing this euro crap everyday from people who are clearly clueless (PMSNBC)!!!!
PMSnbc, you said yesterday stocks declined, now Stocks rally on optimism about Europe, earnings, and tomorrow you will say "Stocks down on pessimism about Europe, earnings," right? You people are sharp!!!
This is helpful information for the educated consumer.................right?
Ari... and NySdNY, you two have it just right. Whatever happened to just ride out the waves as opposed to this buying, selling, buying, selling.
This only matters if you are rich, which is why it is a big story.
They trade in millions of shares compared to the average citizen?
Just ask warren buffet.
Actually, badpole, I have a 401K, that is why I'm interested. Go back to your Occupy Wall Street sit in and protest for more free stuff.
Skiddy, that's the problem with 2BadpPole and others like him (many others). They don't realize Wall St is financing their pensions, their 401Ks, their annuities, their public works projects, their kids' college funds, and a great many other things large institutions invest their money into. When Wall St tanks, we all go down.
The news story is a sham. If the market is so good, why is my 401k taking a $1,000 nose dive, when 83% of my 401k is in stocks? That means 83% of my 401k investments are doing bad, because the market is doing bad...including at this very hour.
So the Dow stumbles up and down, and because that "stumble" occurs, the outlook of overall stocks is not good. Hence my 401k taking a dump. Once again, the corporate masters of where I work are taking RISKS with my savings, so that they can turn an extra profit, using MY MONEY!
This what we have been hearing the last couple of months had to happen.
I wonder what the next reason the markets go down?
Do people really buy into this optimism stuff or do they see the reality of the situation? Greece is going down in a ball of flames and the Italy and Spain will follow. Once Greece falls, it will all land here. There is no way the US cannot be be affected by this. Europe is stagnating, Asia is slowing down and China is in quite a pickle. If 35-45% of our jobs rely on exports, who would we be exporting to? China? Think not given they have real growth and wage issues they need to address. Besides, we have huge trade imbalances with them.
How long do you think the German people are going to put up with continually financing Greece's deficits? France and Great Britain are equally preturbed. There is no answer other than for Greece to go bankrupt and the banks take a 60-80% loss. Oh, do you think the banks won't fight that? C'Mon man - wake up already.
MSNBC and CNBC are pathetic same @!$%#ing headlines, markets up on earnings and Europe.
Markets down with the same damn headline. WTF get some new material.
I don't get it the story this morning was that Europe was in trouble because the folks in charge of the Euro couldn't get a plan that they all agreed on.
So, why is the market really up, this author doesn't know, they just make up new things every day.
This whole thing is crazy ... stocks bouncing up and down daily reacting to Euro news. Shows that Wall Street is not capable of working as it was intended. Just as our government is, the stock exchange sounds broken to me!
Its always just another reason to pick our pockets !
I don't worry about they movement of the markets but I'm more interested in economic news from main street and looks like slowly but surely things are turning around and getting better.
Crazy what these new computers can do nowadays. Red is the new green. Perfect!