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Stocks Rally After Three Straight Days of Losses

Upbeat housing news helped fuel the advance.
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Stocks rebounded on Wednesday, rallying on upbeat news on housing and on hopes that Europe is taking steps to rev up its stagnant economy. The advance came after stocks retreated for three days. After jumping 170 points earlier in the session, the Dow Jones Industrial Average ended up 0.9 percent and the broader S&P 500 added 0.8 percent. The tech-laden Nasdaq gained 1 percent, despite a decline in Apple shares on news of glitches with its updated operating system and the new iPhone 6.

Stocks were poised for gains from the start. Ahead of the open, stock futures rose on hopes for more monetary stimulus from the European Central Bank and after a measure of German business sentiment fell for a fifth straight month in September. Then, the Commerce Department added fuel to the engine when it reported new-home sales rose 18 percent to 504,000 units in August after a 1.9 percent gain in July. Existing-home sales declined in August for the first time in four months.

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-- NBC News Staff, CNBC and Wire Reports