US stocks rose more than 1 percent on Thursday as lower Italian bond yields eased some euro-zone concerns and rumours about China's strong GDP growth bolstered investors' appetite for risk.
The S&P 500 popped above its 50-day moving average in a sign that traders may see the recent pullback of nearly 5 percent as an opportunity to catch up with the benchmark's performance. The index is up more than 10 percent for the year to date.
The Dow Jones industrial average was up 169.72 points, or 1.32 percent, at 12,975.11. The Standard & Poor's 500 Index was up 16.66 points, or 1.22 percent, at 1,385.37. The Nasdaq Composite Index was up 35.26 points, or 1.17 percent, at 3,051.72.
Basic materials shares led gains as the euro climbed against the US dollar and commodity prices advanced. The S&P materials sector index jumped 2.8 percent. US Steel gained 5.9 percent to $28.94. Freeport-McMoRan Copper & Gold rose 6 percent to $37.93.
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