Steep declines in home values have been at the center of the economy's troubles, slicing into consumers' personal wealth and saddling banks with huge losses.
The better-than-expected profit report reignited investors' confidence in the economy following a slump last week. That decline interrupted a powerful rally that still has the Standard & Poor's 500 index up more than 30 percent since early March.
Investors bought up stocks across a number of sectors and pushed the Dow Jones industrial average up 150 points, wiping out about half of the losses it suffered last week.
Financial stocks, which have been a main driver of the market in recent months, turned higher after a handful of upbeat reports from analysts came out. A big jump in oil prices on the improving economic outlook spurred energy companies higher.
In midday trading, the Dow rose 149.50, or 1.8 percent, to 8,418.14. The S&P 500 index rose 15.54, or 1.8 percent, to 898.42, and the Nasdaq composite index rose 25.09, or 1.5 percent, to 1,705.23.
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