The transition is taking place

Stephen Bernard and Tim Paradis, AP Business Writers, On Thursday May 27, 2010, 6:19 pm EDT

NEW YORK (AP) -- Stocks had another turnaround Thursday and rocketed higher after China reassured investors it doesn't plan to sell the European debt it holds.

The Dow Jones industrial average surged nearly 285 points. Treasury prices tumbled as traders funneled money into riskier assets like stocks and