US stocks extend gains on uplifting data

U.S. stocks jumped Thursday as U.S. economic data topped investors' expectations.

The Dow gained 369.26 points, or 2.27 percent, to 16,654.77. The S&P 500 increased 47.15 points, or 2.43 percent, to 1,987.66. The Nasdaq Composite Index moved up 115.17 points, or 2.45 percent, to 4,812.71.

The U.S. Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, much higher than a growth of 0.6 percent in the first quarter.

Some analysts worried the recent data points to a possible interest rate hike this year, but New York Federal Reserve President William Dudley on Wednesday said a September rate liftoff seemed "less compelling" than just a few weeks ago.

Equity markets were also boosted by China's interest cut. The People's Bank of China (PBOC), China's central bank, announced on Tuesday a cut in the reserve requirement ratio (RRR) and lower key interest rates.

Wall Street was cheered by the move, which was described in a PBOC statement as "promoting restructuring" to "stabilize the real economy".

In other markets, the U.S. dollar climbed against most major currencies on Thursday as the country's strong GDP data indicated that the U.S. economy is in good shape.

In late New York trading, the euro fell to 1.1257 dollars from 1.1345 dollars in the previous session. The U.S. dollar bought 120.68 Japanese yen, higher than 119.50 yen of the previous session.

Oil prices rebounded strongly Thursday. The West Texas Intermediate for October delivery moved up 3.96 U.S. dollars to settle at 42.56 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 4.42 dollars to close at 47.56 dollars a barrel on the London ICE Future Exchange.

Gold futures went down Thursday, the most active gold contract for December delivery fell 2 dollars, or 0.18 percent, to settle at 1,122.6 dollars per ounce.