Markets surge as volatility recedes

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The markets closed out the day with a powerful rally, posting gains for the third-straight day, amid optimism European authorities will be able to put a lid on the region’s bubbling sovereign debt crisis.

According to preliminary calculations, the Dow Jones Industrial Average jumped 141 points, or 1.3%, to 11,247, the S&P 500 gained 15.8 points, or 1.4%, to 1,189 and the Nasdaq Composite climbed 40.4 points, or 1.6%, to 2,573.

Wednesday’s rally was broad, with every major sector advancing on the day.  In a sign of the breadth of the advance, all but two Dow components and more than 90% of S&P 500 components ended in the green.  Meanwhile, volatility plunged 6%, as tracked the the Chicago Board of Options Exchange’s VIX index.

Full story: Bulls Are Back in Town: Wall Street Adds Third Day to Winning Streak