The Dow Jones Industrial Average has practically erased it loss for the year after climbing 0.9 percent on Wednesday to 11,518.85. It is now down just 0.5 percent for 2011.
European stocks also ended higher on Wednesday. The STOXX Europe 600 index rose 1.6 percent to close at 239.16.
The positive market performances came as European Commission President José Manuel Barroso outlined a plan to contain Europe's debt crisis and Slovakia moved towards approving a plan to boost the European Financial Stability Facility.
Europe also saw positive economic data on Wednesday. Industrial production in the euro area rose 1.2 percent in August, much better than a 0.8 percent decline expected by economists.
Industrial production data had not been as positive in the UK, which reported on Tuesday that manufacturing production fell by 0.3 percent in August. However, a jump in oil and gas output helped overall industrial production rise by 0.2 percent for the month.
Discouragingly for the UK economy, however, unemployment has risen to the highest in 15 years, the jobless rate rising to 8.1 percent in the three months through August from 7.9 percent in the three months through July.
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