NEW YORK — A combination of strong company earnings and encouraging economic reports, both in the U.S. and Europe, gave the stock market another day of solid gains Thursday.
Caterpillar jumped after its third-quarter earnings report was better than Wall Street analysts had been expecting. The company also raised its profit outlook for the year. 3M, the maker of Post-it notes, industrial coatings and ceramics, was among other companies that gained after releasing impressive third-quarter results.
Investors were also cheered by a report that showed the number of people applying for U.S. unemployment benefits remains at a historically low level, suggesting that hiring is gaining steam. In Europe, a survey of businesses eased concerns that the region may be slipping back into recession.
Solid company earnings are sending the stock market higher and helping it recover from a jarring drop in mid-October that gave the Standard & Poor’s 500 index its biggest slump in two years. The index has gained on five of the past six days and on Tuesday logged its biggest advance of the year.
The Standard & Poor’s 500 index rose 23.71 points, or 1.2 percent, to 1,950.82. The Dow Jones industrial average climbed 216.58 points, or 1.3 percent, to 16,677.90. The Nasdaq composite rose 69.95 points, or 1.6 percent, to 4,452.79.
