(August 28, 2008)--Stocks ended the day sharply higher Thursdayt after a better-than-expected reading on the gross domestic product and a drop in jobless claims gave investors some reassurance that the economy is holding up.
The Commerce Department says the GDP rose at an annual rate of 3.3 percent in the second quarter, and the Labor Department says the number of newly laid off people seeking jobless benefits fell for the third straight week.
A drop in oil prices also helped lift stocks.
The Dow rose 212 points to 11,715.
The S&P 500 surged 19 points to 1,300.
The Nasdaq composite jumped 29 points to 2,411.
Advancing issues topped decliners by a 4 to 1 margin.
NYSE volume came to 3.6 billion shares.
Nasdaq stock market volume came to 1.6 billion shares.
Crude settled $2.56 lower at $115.59 a barrel.
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