"We're continuing to see a shift in investor sentiment," said Art Hogan, managing director at Lazard Capital Markets. "Last week, it seemed like the sky was falling and there was no end in sight. Now, there's a perception that Europe will come up with a TARP-like backstop for European banks."
Wednesday's advance was the sixth out of the last seven days for the S&P 500 and Nasdaq, and fifth for the Dow. The three major indexes are up between 8% and 11% since Oct. 3, when stocks hit their lowest levels in more than a year.
Every development overseas is getting investors' front-and-center attention. More than 80% of the experts surveyed by CNNMoney agree that debt problems overseas are the most challenging hurdle for the market.
Federal Reserve policymakers left the door open to another round of asset purchases, or QE3, in the near future, according to minutes of their most recent meeting. In September, the central bank stopped short of expanding its balance sheet and launched so-called Operation Twist, a program to shift assets from short-term Treasuries into long-term Treasuries.
The dollar lost ground against the euro and the British pound, but rose versus the Japanese yen.
Oil for November delivery fell 24 cents to settle at $85.57 a barrel.
Gold futures for December delivery rose $21.60 to $1,682.60 an ounce.
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