Investors sent the Dow Jones industrial average back above 10,000 Thursday after a stream of upbeat economic news convinced them that maybe things aren't so bad after all.
The Dow rose 273 points, and all the major indexes climbed more than 2.5 percent.
Energy stocks led the market higher after they slid in Wednesday's late trading on concerns that BP would be forced to cut its dividend because of the Gulf of Mexico oil spill. BP rose 12.3 percent, to $32.78, from a 14-year low, while Anadarko Petroleum Corp., which has a minority stake in the rig that caused the spill, rose 12.4 percent, to $39.15.
Markets around the world rose after China said exports rose 48.5 percent in May, while imports jumped 48.3 percent.
The Dow rose 2.8 percent, to 10,172.53. It was the Dow's first close above 10,000 this week. The Standard & Poor's 500 index rose 31.15, or 3 percent, to 1,086.84, while the Nasdaq composite index rose 59.86, or 2.8 percent, to 2,218.71. - AP