Spain, Coke help propel Dow

Stocks stormed higher yesterday after promising signals about the profitability of U.S. companies and a strong debt auction by Spain. The Dow Jones industrial average headed for its biggest gain in a month, closed up more than 190 points.

European stocks had their best day in four months after Spain, the latest flash point in the European debt crisis, attracted strong investor interest at an auction of two-year debt.

Spain's borrowing costs fell, as measured by the yields on Spanish bonds being traded in the market. Those yields had risen in recent days closer to levels that might force Spain to seek an international bailout.

"There's no doubt that gave the market a second wind," Anthony Chan, chief economist with J.P. Morgan Private Wealth management, said of the debt auction. "The market is reassessing and feeling a little better."

In the U.S., Coca-Cola pushed the Dow Jones industrial average higher after the company said its first-quarter profit was better than Wall Street analysts had forecast.

The Dow climbed more than 200 points, but fell back at the close to 194.13 points at 13,115.54. Despite strong overall gains, the Dow has closed 200 points higher only once this year -- on March 13, when it rose 218 points.