Stocks rise after Greece announces austerity plan

NEW YORK (AP) — Stocks are rising for a fourth day after debt-burdened Greece announced plans to trim spending.

The Greek plan creates $6.5 billion in savings and is quieting concerns Wednesday that problems there will hurt a global economic recovery.

An improvement in U.S. services industries is also boosting confidence. The Institute for Supply Management's services index for February rose to 53 from 50.5 in January. Economists had forecast that the index would hit 51. Growth in services industries is seen as crucial for a rebound.

At midday, the Dow Jones industrial average is up 47 at 10,453. The Dow has erased its losses for 2010. The Standard & Poor's 500 index is up 6 at 1,124. The Nasdaq composite index is up 10 at 2,291.

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