A late afternoon surge capped another wild day on Wall Street, bringing the S&P 500 back from the verge of entering a bear market. Stocks jumped in the last 40 minutes of trading on reports that top European officials were working on a joint effort to prop up the region's struggling banks.
Concerns about Greece's debt sent the market down in early trading. Stocks regained some ground after Federal Reserve Chairman Ben Bernanke said the central bank can take more steps to stimulate the economy.
The Dow Jones industrial average gained 153.41 points, or 1.4 percent, to 10,808.71.
The Standard and Poor's 500 index rose 24.72 points, or 2.2 percent, to 1,123.95.
The Nasdaq composite rose 68.99 points, or 3 percent, to 2,404.82.
For the week:
The Dow is down 104.67 points, or 1 percent.
The S&P 500 is down 7.47 points, or 0.7 percent
The Nasdaq is down 10.58 points, or 0.4 percent.
For the year to date:
The Dow is down 768.80 points, or 6.6 percent.
The S&P 500 is down 133.69, or 10.6 percent.
The Nasdaq is down 248.05, or 9.4 percent.