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U.S. stocks end sharply higher after Chinese market surges

A trader works on the floor of the

A trader works on the floor of the New York Stock Exchange during the afternoon of Aug. 26, 2015 on Wall Street. Photo Credit: Getty Images / Andrew Burton

U.S. stocks are closing sharply higher after China's main stock index logged its biggest gain in eight weeks. A report also showed that the U.S. economy expanded at a much faster pace than previously estimated.

The Dow Jones industrial average climbed 369.26 points, or 2. 3 percent, to 16,654.77 on Thursday. That took the two-day gain for the index to almost 1,000 points.

The Standard & Poor's 500 index gained 47.15 points, or 2.4 percent, to 1,987.66. The Nasdaq composite gained 115.17 points, or 2.5 percent, to 4,812.71.

Energy stocks surged as the price of oil jumped 10 percent.

Bond prices were little changed from Wednesday, keeping the yield on the benchmark 10-year Treasury note at 2.18 percent.

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