NEW YORK (TheStreet) -- Stocks soared Thursday as optimism about China's economic growth and stimulus-friendly commentary from Federal Reserve officials revived the risk-on trade.
The main driver for the buying was rampant speculation that China's upcoming gross domestic product report will surprise to the upside. There was also a good bit of bullishness surrounding Google's (GOOG) report, sending the stock up 2% in the regular session.
The Internet search giant lived up to the hype, beating the consensus profit view handily and announcing plans for a new class of non-voting shares that would essentially amount to a two-for-one stock split. The stock rose less 1% in the extended session.
The Dow Jones Industrial Average leapt 181 points, or 1.4%, to close at 12,987. The S&P 500 was up 19 points, or 1.4%, to finish at 1388 as all ten large-cap sector components rose, led by gains in materials. The Nasdaq rose 39 points, or 1.3%, to settle at 3056.
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