Stocks on Wall Street rallied Wednesday as investors showed renewed confidence after developments in Europe and encouraging economic reports in the United States and Asia.
Indexes were up more than 2 percent at the close, following European and Asian markets that appeared to put aside weeks of concern over the financial troubles in Europe, most recently in Ireland.
Jeffrey Kleintop, chief market strategist for LPL Financial, said the latest manufacturing report out of China was a catalyst after apparently calming market fears that the economy of the country, a major importer of commodities, could be slowing as it wrestles with inflation and tries to slow the pace of the housing bubble.
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