Stocks jump on hopes for progress on Greece's debt

By The Associated Press

NEW YORK (AP) — Stocks are closing higher for the third day in a row after European leaders renewed pledges to help Greece avoid defaulting on its debts.

The Dow Jones industrial average rose 141 points, or 1.3 percent, to close at 11,247 Wednesday.

The leaders of Greece, France and Germany agreed in a teleconference that Greece was an “integral” part of the bloc that uses the euro. The statements aimed to calm fears that Greece was headed for a default or might drop the euro.

The S&P 500 index rose 16 points, or 1.3 percent, to 1,189. The Nasdaq composite rose 40, or 1.6 percent, to 2,573.

More than three stocks rose for every one that fell on the New York Stock Exchange. Trading volume was above average at 4.4 billion.