Investors jumped into stocks on Thursday as global efforts to end the financial crisis fed the market's newfound optimism that the economy is on the mend. Stocks rallied broadly in heavy trading, fueled by an accounting rule change that could strengthen banks' balance sheets and commitments from world leaders to boost regulatory oversight of financial institutions.
The Dow Jones industrial average rose 216.48, or 2.8 percent, to 7,978.08.
The Standard & Poor's 500 index rose 23.30, or 2.9 percent, to 834.38.
The Nasdaq composite index rose 51.03, or 3.3 percent, to 1,602.63.
For the week:
The Dow is up 201.90, or 2.6 percent.
The S&P is up 18.44, or 2.3 percent.
The Nasdaq is up 57.43, or 3.7 percent.
For the year:
The Dow is down 798.31, or 9.1 percent.
The S&P is down 68.87, or 7.6 percent.
The Nasdaq is up 25.60, or 1.6 percent.
