Stocks rise as China steps in
Global indices have shown growth, excluding 3 European ones: WSE, DAX and FTSE-100, result of the announcement that China will make a hefty
investment to the European bailout fund. Stocks had been mixed for much of the day as investors weighed stronger earnings from Boeing and
Corning with uncertainty about the outcome of a key meeting among European leaders. Top European officials met in Brussels 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.
European officials announced a plan after the U.S. market closed that will require the region's banks to increase their levels of cash to better protect
themselves from losses on the Greek bonds they hold. European governments have been pressing the banks to forgive significant amounts of the
Greek government's debt. Strong economic reports also helped send stocks higher. 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. Sales of new homes rose in September after falling for four straight
months. Lower home prices enticed buyers.