US stocks rose on Wednesday on optimism the International Monetary Fund wants to raise more money to help combat Europe's debt crisis and after Goldman Sachs' earnings beat estimates. Goldman Sachs Group Inc reported fourth-quarter earnings that topped analyst expectations, even though results fell from a year ago, and its chief financial officer said the company was increasing its target for cost savings.
Goldman climbed 6.4 percent to $103.93, helping to boost the financial sector after discouraging results from Citigroup Inc and J.P. Morgan Chase & Co this week. The S&P financial index was up 1.1 percent Wednesday and nearly 6 percent for the year. The Dow Jones industrial average put on 68.23 points, or 0.55 percent, at 12,550.30. The Standard & Poor's 500 Index was up 9.29 points, or 0.72 percent, at 1,302.96. The Nasdaq Composite Index jumped 28.47 points, or 1.04 percent, at 2,756.55.
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