US stocks rallied on Thursday as a $4 drop in oil soothed inflation fears, while an upward revision in a broad measure of US economic growth suggested a recession may be avoided. MasterCard shares were among the top gainers after the credit and debit card processor said it expects double-digit net revenue growth for 2008 and lifted its long-term profit outlook.
Financial companies, which have suffered some of the biggest losses this year, became top performers after the government revised up the rise in first-quarter gross domestic product.
The Dow Jones industrial average was up 105.44 points, or 0.84 percent, at 12,699.47. The Standard & Poor's 500 Index was up 12.21 points, or 0.88 percent, at 1,403.05. The Nasdaq Composite Index was up 27.64 points, or 1.11 percent, at 2,514.34.
MasterCard shares rose 7 percent to $306.92. J.P. Morgan Chase & Co was one of the Dow's biggest gainers, rising 1.8 percent to $43.62. A bank spokesman said its $1.5 billion deal to acquire Bear Stearns Cos Inc would be completed on Friday, well ahead of earlier forecasts.
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