Stock rally in progress
Wall Street gets a boost from signs of life in China's economy and details of the Obama administration's $75 billion foreclosure fix.
NEW YORK (CNNMoney.com) -- Wall Street rallied Wednesday amid signs on improvement in China's economy and as federal officials unveiled details of President Obama's $75 billion foreclosure prevention plan.
Midway through the session, the Dow Jones industrial average (INDU)was up 137 points, or 2%. The broader S&P 500 (SPX) index rose 14 points, or 2%. The tech-heavy Nasdaq composite (COMP) jumped 31 points, or 2.4%.
"The news that came out of China that they may be on the road to recovery is having a real positive effect on the markets right now," said Dave Hinnenkamp, chief executive officer of KDV Wealth Management.
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