Summary Box: Dow jumps on hopes for European banks

AP News
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Posted: Oct 05, 2011 5:21 PM
Summary Box: Dow jumps on hopes for European banks

EUROPE: The Financial Times reported late Tuesday that European officials are exploring a joint effort to support the region's banks. That triggered sharp rises in European markets Wednesday, especially bank stocks.

US ECONOMY: Reports that the U.S. economy continued to grow in September also sent stock indexes higher. The Institute of Supply Management said that the service sector grew in September. ADP said that private employers added 91,000 jobs last month.

THE INDEXES: The Dow rose 131 points, or 1.2 percent, to close at 10,940. The Standard & Poor's 500 rose 1.8 percent to 1,144. The Nasdaq composite jumped 2.3 percent to 2,461.