Wall Street on upswing

Major US stock indices rose for a second straight trading session amid hopes that Europe's debt problems will be reined in, dpa reported. European shares had rebounded sharply earlier amid signs that EU leaders were preparing measures to head off concerns that the region's debt crisis could turn into a banking crisis, as German Chancellor Angela Merkel joined a top official of the International Monetary Fund (IMF) in signalling moves to draw up plans for recapitalizing banks. Global markets have been volatile for months, with the just-ended third quarter delivering Wall Street's worst decline since the financial crisis in late 2008 and early 2009, amid worries about Greek debt and the consequences for the eurozone and broader international economy. The blue-chip Dow Jones Industrial Average ended the day up 131.24 points, or 1.21 per cent, to 10,939.95. The Standard & Poor's 500 Index added 20.08 points, or 1.79 per cent, to 1,144.03. The technology-heavy Nasdaq Composite Index rose 55.69 points, or 2.32 per cent, to 2,460.51. The US currency was nearly unchanged against the euro at 74.87 euro cents from 74.88 euro cents on Tuesday. The dollar was down against the Japanese currency to 76.8 yen from 76.82 yen.