US stocks rallied on Thursday, putting the S&P 500 on track to snap a five-day retreat, after Spain unveiled its plans for economic reform to deal with its debt crisis. The fiscally troubled nation announced a detailed timetable for economic reforms and a tough 2013 budget based mostly on spending cuts. The rally put the benchmark S&P 500 index on track for its biggest percentage gain since the Federal Reserve announced its plan for a third round of stimulus on September 13.
The Dow Jones industrial average gained 74.55 points, or 0.56 percent, to 13,488.06. The Standard & Poor's 500 Index gained 12.77 points, or 0.89 percent, to 1,446.09. The Nasdaq Composite Index gained 36.24 points, or 1.17 percent, to 3,129.94. The semiconductor index gained 1.8 percent, bolstering the Nasdaq 100. Intel Corp was up 1.4 percent at $22.96.