In just two days, the Dow industrials have bounced back from their biggest stumble in months. The next challenge: powering past the blue-chip index's record close.

On Wednesday, a solid Italian government-bond auction and remarks from central bankers on both sides of the Atlantic Ocean helped the Dow Jones Industrial Average soar 175.24 points, or 1.3%, to 14075.37, capping a two-day rally that tacked on 291 points and more than erased Monday's 216-point decline.

The gains leave the Dow less than 100 points from its closing high hit on Oct. 9, 2007.

On Monday, that target looked distant as investors worried that an inconclusive election in Italy could lead to another bout of market turmoil. Moreover, in the U.S., $85 billion in automatic government-spending cuts set to take effect Friday appeared all but inevitable, leading investors to fret about their impact on economic growth.

But Tuesday and Wednesday brought renewed optimism. On Tuesday, Federal Reserve Chairman Ben Bernanke assured investors that the central bank would continue to support markets with its bond-buying program. On Wednesday, European Central Bank President Mario Draghi reiterated his commitment to aiding the region's economy.