Stocks surge as financials, materials jump

NEW YORK Stocks soared Wednesday and the Dow rose 275 points after a modest gain Tuesday. It was the market's first back-to-back advance since mid-June. But analysts warn that the gain doesn't signal investors are more optimistic. They say it looks like a case of investors scooping up stocks that had become cheaper after heavy losses.

Financial stocks rose on an upbeat profit forecast from State Street Corp.

The Dow is up 275 at 10,018. The Standard & Poor's 500 index is up 32 at 1,060, while the Nasdaq composite index is up 65 at 2,159.

Six stocks rose for every one that fell on the New York Stock Exchange. Volume totaled 1.3 billion shares, in line with Tuesday.