Sep. 14, 2011 at 4:07 PM ET
Wall Street staged an afternoon rally after a bumpy start Wednesday after European leaders pledged to assist Greece avoid defaulting on its massive debt load.
At the closing bell, the Dow Jones industrial average was up 140.81 points, or 1.27 percent, to 11.246.66. The Standard & Poor's 500 index rose 15.81 points, or 1.35 percent, to 1,188.68. All 10 industry groups in the index rose, led by industrial stocks. The Nasdaq composite rose 40.40, or 1.60 percent, to 2,572.55.
According to the Associated Press:
The leaders of Greece, France and Germany agreed in a teleconference that Greece was an "integral" part of the 17-nation bloc that uses the euro. Greece also agreed to abide by agreements to trim its debts. The statements were intended to calm fears that Greece was headed for a default on its debt or might be forced to exit the euro.
The threat of a Greek default and the damage it could wreak on financial markets has had investors on edge in the past two weeks, lifting Treasurys and weighing on stocks. The yield on the 10-year Treasury note hit a record low on Monday of 1.87 percent and the S&P 500 has only risen three days this month.
Earlier in the trading day, the Dow was down 112 points.