The Dow Jones industrial average jumps Wednesday on China news

The Dow Jones industrial average rose 83 points Wednesday with news that the Chinese government was working to strengthen the economy.

The average closed at 13,034 while the Standard & Poor's 500 Index (S&P500) rose 2.23 points to close at 1,409.

It was the first gain of the week for stocks, said the Associated Press.

Bank shares also rose on comments made by President Obama who said that a quick deal could possibly be reached to avoid the "fiscal cliff."

The Nasdaq fell Wednesday on news that shares in Apple declined by five percent, said the Street.

The Associated Press said that for the week the Dow is up 0.1 percent, the S&P 500 is down 0.5 percent and the Nasdaq down 1.2 percent.

More from GlobalPostMontgomery Burns explains the fiscal cliff

Will you support The World? 

The story you just read is accessible and free to all because thousands of listeners and readers contribute to our nonprofit newsroom. We go deep to bring you the human-centered international reporting that you know you can trust. To do this work and to do it well, we rely on the support of our listeners. If you appreciated our coverage this year, if there was a story that made you pause or a song that moved you, would you consider making a gift to sustain our work through 2024 and beyond?