US stocks rose for a second straight day on Thursday on continued optimism the US recession may be easing, as fourth-quarter economic data and weekly jobless claims that were in line with expectations kept the focus on positive signs earlier in the week.
Standouts in the broad run-up included shares of Best Buy, up 12 percent to $37.49 after the electronics retailers quarterly profit topped estimates and its yearly outlook boosted optimism about consumer spending.
Leading discount retailer Wal-Mart Stores Inc was among the top boosts on the Dow, rising more than 2 percent to $52.80, while the S&P retail index gained nearly 5 percent. Big cap technology stocks pushed the Nasdaq into positive territory for the year, with Apple Inc leading the charge, up 2.7 percent to $109.39.
Some analysts say the technology sector will be among those leading an up-turn in the economy. The Dow Jones industrial average jumped 160.65 points, or 2.07 percent, to 7,910.46. The Standard & Poors 500 Index spiked 17.22 points, or 2.12 percent, to 831.10. The Nasdaq Composite Index surged 47.67 points, or 3.12 percent, to 1,576.62.