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NEW YORK (TheStreet) -- U.S. stocks staged a mighty comeback in the final hour of trading Wednesday as a message from European leaders in support of Greece assuaged investor fears that the country is on a path to exit the eurozone.

Wall Street was fixated on Europe all day with the region's leaders set to meet in Brussels to discuss latest developments in the region. Indications that eurozone countries were told to prepare contingency plans for a possible exit of the single-currency bloc by Greece and the stern rejection of a proposal to issue eurobonds by Germany, the strongest member of the eurozone, sent the major U.S. equity indices sharply lower for most of the session and led to tumultuous trading across asset classes, most notably pushing the euro toward a two-year low.

But late in the session, reports came that leaders were reaffirming support for Greece at the meeting. A draft statement about the results of the "informal dinner" obtained by Dow Jones reads: "We look forward to the swift formation of a new government that will take ownership of the adjustment program and have a sufficient parliamentary majority to implement with determination the fiscal and structural reforms needed. This is the best guarantee for a more prosperous future of Greece in the euro area."