US stocks rallied on Thursday as oil prices slipped and better-than-expected economic data raised expectations of a strong US employment report on Friday. With oil prices pausing from their recent climb, investors focused on the US economy, which has shown steady improvement in reports this week. Many believe the Labour Department's report could be a turning point for the recovery.
Industrial stocks led the market higher, boosted by a weaker dollar and an improving outlook for global demand. The S&P industrial index gained 2.4 percent, with Caterpillar Inc up 3.1 percent to $104.11. The Dow Jones industrial average gained 181.41 points, or 1.50 percent, to 12,248.21. The Standard & Poor's 500 Index rose 20.24 points, or 1.55 percent, to 1,328.68. The Nasdaq Composite Index added 50.93 points, or 1.85 percent, to 2,799.00.
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