Stocks rally as US economic picture brightens

AP News
Posted: Nov 01, 2012 4:11 PM
Stocks rally as US economic picture brightens

Stocks are closing sharply higher on Wall Street after a series of encouraging economic reports, including a surge in consumer confidence.

The Dow Jones industrial average jumped 136 points to close at 13,233 Thursday, its biggest one-day gain since Sept. 13.

The Standard & Poor's 500 index rose 15 to 1,428. The Nasdaq composite index rose 43 to 3,020.

The Conference Board said Americans' confidence in the economy surged last month to the highest level in nearly five years. The group said many people were encouraged by an improving job market.

U.S. manufacturing also expanded for the second straight month in October.

The gains were broad. Three stocks rose for every one that fell on the New York Stock Exchange. Volume was higher than average at 3.8 billion shares.