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The Dow Jones industrial average jumps Wednesday on China news

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

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The Dow Jones industrial average rose 83 points Wednesday, the first gain this week. (Spencer Platt/Getty Images)

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.

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http://www.globalpost.com/dispatch/news/business/121205/the-dow-jones-industrial-average-jumps-wednesday-china-news