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Dow up 1% in early trading after Spanish bank stress tests

October 01, 2012|By Andrew Tangel
  • Traders can be seen working on the floor of the New York Stock Exchange. The Dow Jones industrial average jumped 143 points, or 1.1%, to 13,581 shortly after the opening bell on Wall Street.
Traders can be seen working on the floor of the New York Stock Exchange. The… (Richard Drew / Associated…)

NEW YORK -- Stocks rallied 1% in early trading, as investors saw more reasons to be optimistic about Europe's debt crisis.

The Dow Jones industrial average jumped 143 points, or 1.1%, to 13,581 shortly after the opening bell on Wall Street.

The broader Standard & Poor's 500 index rose 15 points, or 1.1%, to 1,456. The Nasdaq was up 28 points, or 0.9%, to 3,144.

Stress tests of Spain's troubled banks reportedly turned out better than expected. Investors also digested a report showing U.S. manufacturing increased in September, following three months of decline.

Stocks had ended the third quarter, which ended Friday, up more than 4%. Central banks around the globe have propped up equity markets by announcing plans to buy bonds to keep interest rates low and steer investors into riskier assets such as equities.

The next major piece of U.S. economic data comes Friday, when the U.S. Department of Labor releases September's unemployment report.

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