Investing.com - U.S. stocks were sharply higher on Thursday, as the New York Stock Exchange and NYSE Amex Cash Markets invoked Rule 48 after European Union leaders struck a deal to contain the region's debt crisis.
During early U.S. trade, the Dow Jones Industrial Average jumped 2.04%, the S&P 500 index soared 2.31%, while the Nasdaq Composite index climbed 1.91%.
NYSE invoked the volatility rule after European leaders reached an agreement with private banks on a voluntary 50% reduction of Greece's debt, as well as on a plan to expand the firepower of the euro zone's bailout fund.
Also Thursday, preliminary data showed that gross domestic product in the U.S. rose more-than-expected in the third quarter, expanding at the fastest rate since the third quarter of 2010.
U.S. lenders led gains, tracking their European counterparts as shares in Citigroup surging 8.54% and JP Morgan soaring 7.93%, while Bank of America and Goldman Sachs jumped 6.68% and 6.35%.
ExxonMobil saw shares rise 0.48% after the oil giant reported a profit that soared more than 40% due to gains in oil prices and higher refining margins. Meanwhile, Cabot oil and gas skyrocketed 14.78 and Chevron Corp advanced 1.66%.
Elsewhere, shares in Research in Motion rose 1.25%, although the telecommunications firm faces a series of consumer lawsuits following its recent four-day BlackBerry outage. The company also announced a delay in its Playbook 2.0 operating system until February.
Also in earnings, Dow Chemical was up 4.91% after saying its third-quarter net profit rose to USD815 million, while consumer goods giant Procter and Gamble saw shares edge up 0.03% after reporting a 9% increase in sales for the latest quarter.
On the downside, Avon Products tumbled 19.51% after posting lower-than-expected sales and announced that it is reassessing its long-term strategy.
Visa, the world's biggest payments network also saw shares slip 0.03%, after reporting that revenue fell slightly short of expectations although posting a 14% increase in fourth-quarter profit.
Other stocks in focus included Motorola Mobility, Gilead Sciences and Electronic Arts, due to report earnings later in the day.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 surged 5.29%, France’s CAC 40 jumped 5.20%, Germany's DAX soared 4.88%, while Britain's FTSE 100 posted a 2.72% gain.
During the Asian trading session, Hong Kong's Hang Seng Index surged 3.2%, while Japan’s Nikkei 225 Index jumped 2.05%.
Also Thursday, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell by 2,000 to 402,000, short of expectations for a decline to 400,000.
During early U.S. trade, the Dow Jones Industrial Average jumped 2.04%, the S&P 500 index soared 2.31%, while the Nasdaq Composite index climbed 1.91%.
NYSE invoked the volatility rule after European leaders reached an agreement with private banks on a voluntary 50% reduction of Greece's debt, as well as on a plan to expand the firepower of the euro zone's bailout fund.
Also Thursday, preliminary data showed that gross domestic product in the U.S. rose more-than-expected in the third quarter, expanding at the fastest rate since the third quarter of 2010.
U.S. lenders led gains, tracking their European counterparts as shares in Citigroup surging 8.54% and JP Morgan soaring 7.93%, while Bank of America and Goldman Sachs jumped 6.68% and 6.35%.
ExxonMobil saw shares rise 0.48% after the oil giant reported a profit that soared more than 40% due to gains in oil prices and higher refining margins. Meanwhile, Cabot oil and gas skyrocketed 14.78 and Chevron Corp advanced 1.66%.
Elsewhere, shares in Research in Motion rose 1.25%, although the telecommunications firm faces a series of consumer lawsuits following its recent four-day BlackBerry outage. The company also announced a delay in its Playbook 2.0 operating system until February.
Also in earnings, Dow Chemical was up 4.91% after saying its third-quarter net profit rose to USD815 million, while consumer goods giant Procter and Gamble saw shares edge up 0.03% after reporting a 9% increase in sales for the latest quarter.
On the downside, Avon Products tumbled 19.51% after posting lower-than-expected sales and announced that it is reassessing its long-term strategy.
Visa, the world's biggest payments network also saw shares slip 0.03%, after reporting that revenue fell slightly short of expectations although posting a 14% increase in fourth-quarter profit.
Other stocks in focus included Motorola Mobility, Gilead Sciences and Electronic Arts, due to report earnings later in the day.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 surged 5.29%, France’s CAC 40 jumped 5.20%, Germany's DAX soared 4.88%, while Britain's FTSE 100 posted a 2.72% gain.
During the Asian trading session, Hong Kong's Hang Seng Index surged 3.2%, while Japan’s Nikkei 225 Index jumped 2.05%.
Also Thursday, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell by 2,000 to 402,000, short of expectations for a decline to 400,000.