Dow Jones propels to its largest gain this year

In New York City, the Dow Jones industrial average jumped 286 points on Wednesday, its best day this year. The Dow jumped 2.4 percent to close on Wednesday at 12,415. The gain turned the index positive for the year and dismissed a 275-point fall set off by a dismal U.S. jobs report last Friday. The rally was assisted with hope that Europe would ease the region’s debt crisis. According to a news report, European officials were moving swiftly to find a way to save Spain’s hobbled banks. Speculation that the Federal Reserve might launch another round of bond-buying to help stimulate the U.S. economy also seemed to boost stocks.

In other trading, the Nasdaq composite index surged 67 to 2,845 and the Standard & Poor’s 500 index rose from 30 points to 1,315. On the New York Stock Exchange, seven stocks rose for every one that fell. Trading volume on Wednesday was slightly higher than average at 4.1 billion shares.