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Stocks closed broadly higher on optimism that help was on the way for Greece to deal with its heavy debt burden.
Europe appeared to be moving closer to working out some kind of rescue plan despite conflicting reports earlier in the day. The Wall Street Journal reported just before the closing bell that Germany is considering loan guarantees for Greece and other troubled European countries.
Stocks had been holding around 1 percent gains for the session but staged a powerful surge as speculation swirled over the sovereign debt issue. The rally came after a late-day selloff Monday that sent the Dow to a sub-10,000 close for the first time since November.
"Certainly it's a step in the right direction. A lot of the selloff was due to concerns about the sovereign debt," said Todd Salamone, senior vice president of research at Schaeffer's Investment Research in Cincinnati. "Now there's a potential solution in the works. That would at least buy time with the situation."
While the broad market gained from optimism over the potential for Greece help, US-traded shares of Deutsche Bank [ DB 70.02 
+1.16 (+1.68%) ] jumped nearly 8 percent.
Energy, industrials and materials led sector gainers on the S&P, each registering gains of more than 2 percent. Health care and financials trailed but were still positive.
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