By The Associated Press
Stocks climbed on Thursday after Labor Department reported that applications for unemployment benefits fell last week to the lowest since January 2008. Higher profits from CBS, Facebook and other companies also boosted stocks.
The outlook for global growth also got a boost after the European Central Bank cuts its benchmark interest rate one quarter of a percentage point to 0.5 percent.
The Dow Jones industrial average rose 130.63 points, or 0.9 percent, to 14,831.58.The Standard & Poor's 500 index rose 14.89 points, or 0.9 percent, to 1,597.59. The Nasdaq composite index climbed to 41.49 points, or 1.3 percent, to 3,340.62. For the week: The Dow is up 119.03, or 0.8 percent. The S&P 500 index is up 15.35, or 1 percent. The Nasdaq is up 61.36, or 1.9 percent. For the year: The Dow is up 1,727.44 points, or 13.2 percent. The S&P 500 is up 171.40 points, or 12 percent. The Nasdaq is up 321.11 points, or 10.6 percent.