The U.S. stock market surged thanks to corporate earnings surprises in the third quarter and improved employment indicators.
The Dow closed at 34,912.56, up 1.56% and 534.75 points from the previous day, the S&P 500 rose 74.46 points and 1.71% at 4,438.26, and the Nasdaq closed at 14,823.43, up 251.79 points and 1.73%, respectively.
According to MarketWatch, the S&P 500 and the Nasdaq index recorded their biggest gains in more than seven months since March 5, and the largest increase in five months since May 20, respectively.
The surge in the New York Stock Exchange was due to the announcement of third-quarter earnings by major companies, and all eight S&P 500 companies with earnings exceeded analysts' expectations. Net profit soared by around 50% compared to the same period last year.
As the 10-year U.S. Treasury yield fell to 1.523% from 1.549% the previous day, the stock prices of 'big tech' companies such as Microsoft, Apple, and Google's parent company Alphabet also rose more than 2%.
In addition, the number of new jobless claims last week fell to 293,000, the first time since the corona crisis, to less than 300,000, which seems to have had a positive effect on investor sentiment.
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