Stocks Closed Higher for 2nd Day

U.S. stocks closed higher for a second straight session on Thursday, as traders cheered oil’s biggest gain in six years, and a better-than-expected read on second quarter GDP. The Dow Jones Industrial Average rose 369.26 points, or 2.27%, to 16,654.77. The S&P 500 was up 47.15 points, or 2.43%, to 1,987.66. The Nasdaq Composite climbed 115.17 points, or 2.45%, to 4,812.71.

Oil rocketed more than 10 percent higher on Thursday, posting its biggest one-day rally in over six years. U.S. crude (CLc1) rose $3.96 or 10.3 percent to $42.56 per barrel, its biggest one-day percent gain since March 2009.

Heavy machinery manufacturer Caterpillar Inc (CAT.N) said it plans a new round of layoffs to cut costs as declining revenues from global mining and construction activities erodes its bottom line. The company said it notified workers earlier this week it will reduce staff in its customer services support division by cutting 475 jobs.

An American International Group Inc (AIG.N) unit on Thursday asked a federal judge to order a Pennsylvania firm to pay it $1.76 billion in damages for allegedly overcharging for life insurance policies acquired from elderly individuals.

Software company Autodesk Inc. (ADSK) on Thursday said it lost $235.5 million, or $1.04 a share, in the second quarter, versus earnings of 13 cents a share a year ago.