Wall Street bounced back from three days of losses on Wednesday, with the Dow closing up 275 points to 11,414. The relief came after a German court backed the country’s role in bailing out other European nations, the AP reported. Investors also cheered Italy's progress on austerity legislation as a sign Europe was confronting its ballooning debt crisis, The Wall Street Journal reported. But Josh Feinman, an economist with Deutsche Bank's institutional asset management business, cautioned Europe's woes are far from over. "It's good to have days like today, but we shouldn't delude ourselves into thinking that the problem is solved," he told the Journal. Feinman's prognosis doesn't bode well for the U.S. which is still beset by sluggish growth. "A big chunk of our economy is tied directly into the European economy,” David Malpass, president of economic research firm Encima Global, told MSNBC.