Stocks rally on economic outlook

Stocks rallied, propelling the S&P 500 to its best performance in more than seven months, after better-than-expected earnings and economic data eased concerns about the outlook for the economy. The S&P 500 climbed 1.71% to 4438.26. The Dow Jones Industrial Average gained 1.56% rising to 34912.56 while the Nasdaq Composite was higher by 1.73% at 14823.43. Treasury ultra bond futures are headed for their biggest weekly advance in 16 months.

European stocks also gained on Thursday, poised for their best week since March, as early positive earnings reports boosted investor confidence that the recovery continues. Stoxx 600 Europe Index gained 1.20% on Thursday, DAX increased by 1.40%, and CAC 40 climbed 1.33%, while FTSE 100 was up 0.92%. German bond yields were set for their biggest two-day falling streak in months as bond markets continued to reverse a recent spike in borrowing costs.

Asian stocks headed for the biggest weekly gain in more than a month amid a list of positive factors that include robust U.S. earnings, strong results at TSMC and easing restrictions on home loans in China. 

On Thursday, oil prices rose 1% after top oil producer Saudi Arabia rejected calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators. Brent crude futures price was $84.00 a barrel on Monday, up 0.99%. U.S. West Texas Intermediate (WTI) crude futures stood at $78.30, up 1.08%.