US stocks close at highest level in years

Fueled by signs of improvement in the US economy, US stocks surged late Thursday with all major indexes closing at the highest levels in years. The Standard and Poor's 500-stock index soared 28.68 points, or 2 percent, to 1432.12, its highest point since January 2008. The Nasdaq Composite gained 66.54 points, or 2.2 percent, to close at 3135.81, its highest level in more than a decade, reaching a level not seen since the technology bubble of 2000. The Dow climbed 244.52 points, or 1.9 percent, to 13292, its highest point since December 2007. The rise in US stocks was helped by reports showing American companies added staff in August at the fastest clip in five months and an improvement in service sector employment. A third report showed new claims for jobless benefits fell last week to the lowest level in a month. A combination of stronger-than-expected data on the job market and the European Central Bank (ECB) bond-buying program provided the momentum. The Dow Jones industrial average closed more than 240 points higher. US Treasuries yields rose on as traders upped bets that the rise in monthly payrolls in the government's report, due Friday, would be above expectations while the news from the ECB was also supportive.