US stocks soared on Thursday, with major indexes up more than 1.5 percent in a broad rally, as strong results from industrial bellwethers reassured investors that corporations continue to fare well despite concerns about global economic growth. The advance extended a recent bout of strength for equities. The S&P 500 has posted a gain of 0.9 percent or more in four of the past five sessions, putting it less than 3 percent from its record close. After a four-week string of declines, the S&P is up 3.7 percent this week, on track for its biggest weekly advance since January 2013.
Shares of both Caterpillar Inc and 3M Co rose following their results. Caterpillar, which also raised its full-year profit view, was up 5.2 percent at $99.50 while 3M added 5.3 percent to $146.38. The S&P industrial sector climbed 2.6 percent as the biggest advancing sector on the day. On the downside, AT&T Inc fell 2.7 percent to $33.56, a day after reporting weaker-than-expected revenue growth. At 1:53 pm, the Dow Jones industrial average rose 261.27 points, or 1.59 percent, to 16,722.59, the S&P 500 gained 29.29 points, or 1.52 percent, to 1,956.4 and the Nasdaq Composite added 81.54 points, or 1.86 percent, to 4,464.39.
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