World stock markets rose Wednesday, encouraged by better news about the U.S. economy and comments from the Federal Reserve's chairman that the recession was likely over.

Major benchmarks in Korea, Hong Kong and Australia were up about 2 percent or more, following on the heels of more gains on Wall Street. Meanwhile, the dollar continued to struggle, hitting its lowest point against the euro this year and sinking further against the yen.
Optimism about the world's largest economy was supported by figures showing U.S. retail sales jumped in August by the biggest amount in three years, as well as news a key measure of New York manufacturing climbed to its best level since 2007.