Wall Street stocks soared Thursday in the strongest rally since July, after better-than-expected U.S. economic data on the weak labor market and positive company news.The Dow Jones Industrial Average surged 203.82 points (2.08 percent) to close at 10,005.96, breaching the psychological 10,000 barrier for the first time in two weeks.
The tech-heavy Nasdaq composite vaulted 49.80 points (2.42 percent) to 2,105.32 while the broad Standard & Poor's 500 index advanced 20.13 points (1.92 percent) to finish at 1,066.63.
The Dow had not closed above 10,000 since Oct. 22; all 30 components of the blue-chip index finished higher.
The broad rally came after positive economic data lifted sentiment ahead of Friday's anxiously awaited release of October data on the job market and unemployment.
"A larger-than-expected decline in jobless claims and a bullish profit report from Dow member Cisco Systems sparked a rally on Wall Street today, helping the Dow regain the 10,000 level," Charles Schwab & Co. analysts said in a client note.
Labor Department data showed initial claims for U.S. unemployment insurance benefits fell more than expected last week. Traders were bracing for the October labor market, with most analysts expecting the unemployment rate to 9.9 percent from a 26-year high of 9.8 percent in September.
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