World stock markets rose Wednesday as investor appetite for riskier assets such as shares and commodities remained strong, pushing many indexes up towards their highest levels this year.

California’s ongoing fiscal crisis has attracted national attention, but a study warns that nine other states are barreling toward similar economic disaster.

U.S. department store operator Macy’s Inc forecast earnings for the fourth quarter, which includes the crucial holiday shopping season, far below Wall Street expectations on Wednesday, sending shares down 7.9 percent.

Toll Brothers Inc.’s jump in orders signaled that Americans’ demand for new homes is increasing, sending shares of big U.S. homebuilders sharply higher Wednesday.

The Dow industrials and the S&P 500 index made new yearly highs on Wednesday after data showed China industrial output surged and Federal Reserve officials hinted money would remain cheap well into 2010.

Shares of Sprint Nextel Corp. slipped Wednesday as Standard & Poor’s warned it may cut the wireless provider’s credit rating based on the its “weak” performance this year.

Hewitt Associates Inc. is adding new contracts and its consulting revenue should get a boost as corporate spending recovers, a Deutsche Bank analyst said Wednesday as he upgraded the human resources consulting and outsourcing company.

Shares of Adobe Systems Inc. should have more room to climb following recently announced job cuts, a Jefferies & Co. analyst said Wednesday.

Stock index futures pointed to a higher opening on Wall Street on Wednesday, with futures for the S&P 500 up 0.9 percent, Dow Jones futures up 0.8 percent and Nasdaq 100 futures up 0.8 percent at 4:54 a.m.

Asian stock markets were mostly higher Wednesday after figures from China and Japan showed the region’s two biggest economies were on track to recovering from the global downturn. European shares also traded higher.