NEW YORK — A broad rally broke a three-day losing streak in the stock market Wednesday as fears about Europe’s debt crisis ebbed. Stocks rose sharply after a German court backed the country’s role in bailing out other European nations. The Dow Jones industrial average jumped 200 points in the first hour of trading and continued to climb throughout the day, ending up 275 points. The afternoon gains came after Italy’s Senate approved a deficit-cutting package and the Federal Reserve reported that U.S. business conditions are improving.

The Dow and other U.S. indexes fell over the previous three days on worries over weakness in the U.S. job market and concerns that Europe’s debt woes could lead to a global economic recession.