U.S. and European stocks rose considerably on Wednesday, encouraged by rallying commodities, specially oil.

At 14:07 GMT, U.S.'s Dow Jones index is up 1.24%, or 207 points, to 16933. S&P 500 is up 22 points, or 1.12%, to 1996.0

For European stocks, the British FTSE rose to levels last seen on 20 August, having powered through an important resistance level in the past two days. It is up 80 points from yesterday, or 1.25%, to 6386. The German DAX index rose 206 points, or 2.09%. The French CAC index is up 1.70%, wading into a six-week long resistance range at 4,727.

Crude oil kept towering up, rising for the fourth day in a row, despite various economic reports voicing weak economic conditions across Europe and the world. Brent oil added 90 cents on Wednesday, after surging more than 5% yesterday; it's currently trading at $53.10 a barrel. U.S. oil rose half a dollar to trade at $49.55 a barrel.

The Euro fell sharply after German industrial production report for August came out, it showed a 1.2% contraction month-on-month, against a forecast of a 0.3 % growth, further asserting worries about struggling German and European exports. German factory orders report came out yesterday, it also showed a contraction.

The Euro last traded at 1.1217 against the dollar. Against the insurgent Yen, it fell to 134.66. Against the Sterling it fell to 0.7336.

The Yen was given a push after Bank of Japan kept its policy steady. It rose against the dollar, fetching 119.99.

Sterling rose against its counterparts after British manufacturing output report for August came out, showing 0.5% growth m\m. A broader report tracking industrial output, which includes oil and gas sectors in the north, showed a full 1% growth in August compared to July. Sterling last traded at 1.5296 against the dollar.

Spot gold is down 0.13%, or $1.40, fetching $1,145.32 an ounce, halting its bull run. Silver was little changed today, trading at $16 an ounce.