Hopes that Europe will finally take the bold steps needed to curb its financial crisis are sending stocks higher.

European Commission President Jose-Manuel Barroso presented a plan to strengthen European banks and lower Greece's debt. It's being seen as the strongest effort yet to address the region's debt crisis.

Separately, a Slovakian opposition party leader said that country's political parties have agreed to approve a deal to strengthen Europe's financial rescue program. Slovakia blocked the deal on Tuesday, setting back efforts to free up more funds for indebted European countries.

The Dow Jones industrial average is up 117 points, or 1 percent, at 11,533 at midday. The Standard & Poor's 500 is up 16, or 1.4 percent, at 1,211. The Nasdaq composite is up 33, or 1.3 percent, at 2,616.

A helicopter that crashed in New York City's East River with five people onboard had been in the shop just two days before the fatal flight, accident investigators said in a report released Wednesday.

Mechanics had just wrapped up their annual inspection of the Bell 206 helicopter on Oct. 2, the National Transportation Safety Board said in the preliminary report.

During an annual inspection mechanics take much of an aircraft apart and put it together again. The work can take several weeks.

Pilot Paul Dudley told the NTSB he had just taken off from the East 34th Street Heliport and was 30 to 50 feet above the river when the nose of the helicopter swung unexpectedly to the left.

When he tried to turn right to return to the heliport, the aircraft went out of control, Dudley told investigators.

Three-fourths of one main rotor blade broke off when the helicopter hit the water, the report said.

Investigators had previously said they were unsure if the blade broke before or after the impact. They have not found the missing piece, according to the report.