Stocks were higher entering the afternoon session. They had risen steadily at the open after news broke that the Fed and several European central banks will make loans to reeling financial institutions in the euro zone.
The Wall Street Journal weighs in:
Investors cheered the move, putting the market on track for its fourth-straight winning session, even though the move was a tacit admission that banks are struggling under the weight of Europe's sovereign-debt crisis.
"It's a newer, bigger, slightly better band-aid," said John Brady, vice president at MF Global. "There's nothing to address the value of the sovereign bonds on European banks' balance sheets."
At 12:23 p.m. Eastern, the Dow Jones Industrial Average was up 118, or 1.05 percent, to 11,365. The S&P was 12 higher, or 0.98, to 1,200. The Nasdaq rose 18, or 0.69, to 2,590.
The Dow had been up the previous two days, but is still down for September.
CNBC says worries about Europe's debt crisis may have run their course — at least as far as Wall Street is concerned.