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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV