By Sung Moss, TheStreet

Updated at 4:56 p.m. ET

Stocks surged Tuesday, lifted by gains in basic materials and energy companies, and by reports that a rescue plan is in the works for debt-wracked Greece.

The Dow Jones Industrial Average ($INDU) gained 150 points, or 1.5%, to 10,059. The S&P 500 Index ($INX) rose 14 points, or 1.3%, to 1,071. The Nasdaq  ($COMPX) was up 25 points, 1.2%, to 2,151.

European Central Bank President Jean-Claude Trichet left a meeting in Australia early to return to Europe, fueling speculation that he has a plan to address debt in Greece. He will attend a special EU Summit in Brussels, Belgium, Thursday.  

By Sung Moss, TheStreet

The Dow closed below 10,000 for the first time since early November after concerns about deficits in European weighed on Wall Street.

The Dow Jones Industrial Average fell 104 points, or 1%, to 9,908. The S&P 500 dropped 9 points, or 0.9%, to 1,057, and the Nasdaq was down 15 points, or 0.7%, at 2,126.

“The shadow cast over markets by European sovereign risk is unlikely to lift soon," said UBS economist Larry Hatheway.

Toy maker Hasbro (HAS) this morning reported a 77% jump in fourth-quarter net income.

The company earned $165.6 million, or $1.09 per share, up from $93.6 million, or 62 cents per share, in the year-ago period. Sales rose to $1.38 billion from $1.23 billion.

Analysts were looking for earnings of 81 cents per share on sales of $1.34 billion. Shares surged $4.17, or 13.5%, to $34.97.

Updated at 4:00 p.m. ET

Markets were torn today between lingering concerns about European sovereign debt and positive earnings news in the United States.

Bank stocks were hit by worries that banks might be forced to raise capital in response to deficits in Greece, Portugal, Spain and other European nations, as well as continued uncertainty about regulatory reform in the United States.

Major market indexes were stuck in a tight range this afternoon as investors continue grappling with the question of whether a global economic recovery is sustainable. 

At 4:00 p.m. ET, the Dow Jones Industrial Average ($INDU) was down 104 points at 9,908. The Nasdaq Composite Index ($COMPX) had shed 15 points to 2,126, and the Standard & Poor's 500 Index ($INX) was down more than 9 points to 1,056.

By Melinda Peer, TheStreet

(Updated at 8:45 a.m. EST) Stock futures wavered on Monday as concerns about European sovereign debt weighed on investors.

Futures for the S&P 500 were rising by 0.8 points at 1,060.6 and were 2.49 points below fair value. Futures for the Nasdaq were up 0.75 points and were 1.13 points above fair value.

Over the weekend, leaders from the Group of Seven met to allay fears about European debt levels. U.S. Treasury Secretary Timothy Geithner assured investors that the U.S. will “never lose” its AAA credit rating. 

By Melinda Peer, TheStreet

Wall Street will see few major economic reports next week, giving traders time to review developments of the past two weeks as the Dow clings tenuously to 10,000.

Friday's session was a fitting close to a week filled with conflicting views about the recovery coming from economic reports and uncertainties coming from Washington and abroad. Markets initially took the January nonfarm payrolls report in stride on Friday, selling off moderately in the face of 20,000 lost jobs and a slightly better unemployment rate of 9.7%.

Stocks sold off sharply in the afternoon, with the Dow losing 167 points at its nadir. But the major indices started climbing toward positive territory in the final hour of trading, closing with modest gains.