Signs that the U.S. economy is improving helped investors put aside fears over Japan's nuclear crisis yesterday, if only temporarily.
A gauge of manufacturing in the mid-Atlantic region jumped in February to the highest point since January 1984. The survey from the Federal Reserve's Philadelphia branch showed new orders soared. Production at U.S. factories, mines and utilities dipped last month but was actually higher in previous months than first estimated, according to the Federal Reserve.
Gains in the stock market were broad. All of the 10 groups rose in the Standard & Poor's 500 index, the basis for most U.S. mutual funds. Twenty-six of the 30 stocks that make up the Dow Jones industrial average rose, led by a 3.2 percent increase in Hewlett-Packard Co.
The Dow gained 161.29 points, or 1.4 percent, to 11,774.59. The index fell 242 points Wednesday, its largest drop since August.
The Standard & Poor's 500 rose 16.84, or 1.3 percent, to 1,273.72. With yesterday's gains, the Dow and S&P 500 are up more than 1 percent for the year.
The Nasdaq rose 19.23, or 0.7 percent, to 2,636.05. The technology-heavy index is down 0.6 percent for the year.
FedEx Corp. rose 3 percent. The world's second-largest delivery company said revenue rose 11 percent in the most recent quarter, mostly due to higher shipping rates. FedEx said those higher rates may help it beat earnings forecasts in the future. United Parcel Service Inc., FedEx's rival, rose 1.7 percent.
The dollar dropped to an all-time low against the Japanese yen late Wednesday, reaching 76.53 yen to the dollar. By Thursday afternoon, the yen had weakened and was trading at 78.97 yen to the dollar. When the yen loses strength, it takes more yen to buy one dollar. -- AP