"There's no sense of any economic recovery on the near-term horizon for Europe"
- Ron Florance, managing director of investment strategy for Wells Fargo Private Bank
U.S. stocks gained on Wednesday on speculation the Fed is talking about more quantitative easing.
The Standard & Poor's 500 advanced 2.30%, or 29.63 points, to 1,315.13. The Dow Jones Industrial Average soared by 2.37%, or 286.84 points, to 12,414.79. The Nasdaq Composite Index skyrocketed 2.40%, or 66.61 points, to 2,844.72.
"There's always hope that some magic tool would be found," Ron Florance, managing director of investment strategy for Wells Fargo Private Bank, said.
"There's no sense of any economic recovery on the near-term horizon for Europe. Things could get worse. Investors tend to be optimists. So they are always hoping for something better."
© Dukascopy Bank SA