Global stocks climb on Bernanke, US data after Italy wobble

US stocks rallied for a second straight day today as Federal Reserve Chairman Ben Bernanke reaffirmed his commitment to the Fed's stimulus efforts.

The Dow Jones industrial average rose 175.24 points, or 1.26 percent, to end at 14,075.37. The Standard & Poor's 500 Index was up 19.05 points, or 1.27 percent, at 1,515.99, its best daily percentage gain since Jan. 2. The Nasdaq Composite Index was up 32.61 points, or 1.04 percent, at 3,162.26.

European shares found firmer footing today, having tumbled lower in the previous session after the inconclusive Italian election, as investors used the opportunity to buy back in on beaten down assets.

The FTSEurofirst 300 closed up 10.33 points, or 0.9 percent at 1,160.58, led by strength in benchmark indexes in Italy and Spain, which had fallen 4.9 and 3.2 percent, respectively, on Tuesday after the election stalemate renewed concerns about the euro zone's future.

Japan's Nikkei average dropped for a second straight day on Wednesday as a pause in the yen's weakening after an inconclusive Italian election prompted investors to offload currency-sensitive stocks that have outperformed recently.

The Nikkei lost 1.3 percent to 11,253.97 after shedding 2.3 percent on Tuesday on concerns that political deadlock following the Italian election could reignite the euro zone debt crisis. The benchmark ended at a 53-month high on Monday.