NEW YORK ? Stocks rose Wednesday after Boeing, Corning and other U.S. companies reported stronger earnings and Germany approved an increase to Europe's financial rescue fund.
Leaders from across Europe will meet later in the day to discuss how to contain the region's debt crisis, which has festered for two years. One consideration is increasing the power of a financial rescue fund, which Germany's parliament approved shortly before U.S. stock markets opened.
The Dow Jones industrial average rose 97 points, or 0.8 percent, to 11,804 in the first hour of trading. Boeing Co. led the way. It rose 5.2 percent after it reported a bigger profit for its latest quarter than analysts expected. It also raised its forecast for 2011 earnings.
The S&P 500 index rose 4 points, or 0.3 percent, to 1,233.
The Nasdaq composite edged down 3, or 0.1 percent, to 2,636. Amazon.com Inc. slumped 10 percent after reporting a 73 percent drop in income. The retailer cited higher costs for expansion.
Businesses ordered more heavy machinery and other long-lasting manufactured goods last month, after excluding aircraft orders, which can be volatile. That indicates businesses are still spending on equipment despite worries about a weak economy and Europe's debt problems.
Also, sales of new homes rose in September after falling for three straight months. Lower home prices enticed buyers.
Corning Inc. jumped 5.4 after reporting a 3 percent increase in income last quarter on stronger sales of glass for flat-panel televisions. Its earnings and revenue beat analysts' expectations.
First Solar Inc. rose 12.4 percent, the most in the S&P 500. It reported results a week earlier than expected, and revenue and earnings both improved. That helped the stock recover some of its losses from Tuesday, when it fell 24 percent after the surprise departure of the company's chief executive.
Stocks fell Tuesday for the first time in four days following disappointing reports on consumer confidence and a weak round of corporate earnings. Shoppers are feeling at their least confident since March 2009, and manufacturing giant 3M cut its earnings expectations for the year.
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