Stocks Surge on Earnings Strength

Updated from 4:05 p.m. EDT

Stocks rallied sharply Thursday, as strong earnings were able to push the market through levels seen before Fed Chairman Alan Greenspan confirmed earlier this week that higher interest rates are on the way.

The major indices posted their biggest one-day point-gain in almost a month, with the Dow Jones Industrial Average closing up 143.93 points, or 1.4%, to 10,461.20. The Nasdaq finished up 37.28 points, or 1.87%, to 2032.91; and the S&P 500 was up 15.86 points, or 1.41%, to 1139.95. The 10-year Treasury note was trading up 10/32 in price to yield 4.38%, while the dollar dropped against the euro and climbed against the yen.

Volume on the New York Stock Exchange exceeded 1.8 billion shares, and advancers outnumbered decliners by about 7 to 2. On the Nasdaq, over 2.1 billion shares changed hands, and advancers outpaced decliners by about 2 to 1. ...