Wall. St Ends Near Highest Level Session After Strong US Data

Stocks rose more than 2% in the recovery of trade in the last two days of the recent downfall, with sentiment helped by a rebound in oil prices and the continued signs of strength in the US economy.

The Dow Jones Industrial Average rose 369.26 points, or 2.3%, to 16,654.77, with all 30 components of the blue chip index ended higher. The S & P 500 closed rallied 47.15 points, or 2.4% at 1,987.66. And the Nasdaq Composite index ending trade with rose 115.17 points, or 2.5% at 4,812.71.

Major US indices ended near session highs after it was cut more than half its gains in choppy trade before settling back rally.

Chief economist at LPL Financial Corp. in Boston revealed that we get back a positive movement and this time we will focus on things such as the US GDP and the Fed. He also added that when you are in a correction phase, it is not fun, but when you are out of phase, we can focus back on what happened.

Data today showed US gross domestic product rose by 3.7% on an annualized basis, exceeding all estimates of economists surveyed by Bloomberg, and up from 2.3% reported last month. Huge rise in consumer and business spending showed that the US expansion is still on track. Meanwhile, in a separate report showed claims for unemployment benefits fell to its lowest level in three weeks.