NEW YORK (AP) — Investors have rushed back into stocks as profits at a handful of companies indicate the economy might be gaining strength.
Gains in homebuilders, retailers and other consumer discretionary stocks have led the market sharply higher Thursday.
Traders focused on better-than-expected earnings reports and welcomed news that the Federal Reserve took the first step toward removing the numerous emergency lending programs it launched last fall.
According to preliminary calculations, the Dow is up 173 at 8,472. The Standard & Poor's 500 index is up 19 at 920 and the Nasdaq composite index is up 37 at 1,830.
Five stocks rose for every one that fell on the New York Stock Exchange, where volume came to a light 1.2 billion shares.
