NEW YORK — Stocks rose sharply in early trading, a day after renewed worries over Europe’s debt crisis roiled markets around the world. Strong corporate earnings and a better employment report helped turn markets around.
Automatic Data Processing said early Wednesday that company payrolls rose by 110,000 in October. Most of the gains came from the service industry. ADP also revised its survey results for September higher.
MasterCard jumped 8.8 percent after reporting that quarterly earnings soared 38 percent. The results beat analysts’ expectations.
The Dow Jones industrial average rose 136 points, or 1.2 percent, to 11,796 as of 10 a.m. ET.
The S&P 500 index rose 16 points, or 1.3 percent, to 1,234. Energy and materials companies were among the leaders.
The Nasdaq composite rose 19 points, or 0.7 percent, to 2,626.
Markets around the world were jolted Tuesday following a call by Greece’s prime minister to put Europe’s rescue plan for the country to a national vote. The Greek leader faces a confidence vote on Friday. If the parliament fails to support him, the referendum would be off.
The Federal Reserve ends a two-day policy meeting later Wednesday and will release new economic forecasts. Investors will be keeping an eye on Fed Chairman Ben Bernanke’s afternoon news conference. Most economists believe the Fed won’t announce any new policy changes.
Comcast rose 2.2 percent after the country’s largest cable company reported relatively strong results compared to its peers and an increased in Internet service customers.