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Dow Jones breaks through 10,000
The Dow Jones Industrial Average has topped the 10,000 mark for the first time in a year.World markets were boosted by the news that US bank JP Morgan Chase reported a better-than-expected profit in the July-to-September quarter.
The Dow rose 150.54 points to 10,021.6 - its highest level since October 2008 - in afternoon trading in New York.
Earlier, European markets had also closed higher, with banking stocks leading the way up.
London's FTSE 100 had risen 2% to close at 5,256.1, while France's Cac 40 index and Germany's Dax both also saw gains of more than 2%.
Banking stocks were among the top risers, with Barclays up 6.6%, Societe Generale climbing 4.7% and Deutsche Bank adding 4.2%.
Analysts said the rise in the Dow could encourage more investors into the market.
"Dow 10,000 may be largely psychological, but with tremendous levels of cash on the sidelines this may still be a call to action for investors," said Lawrence Glazer from Mayflower Advisors in Boston.
JP Morgan Chase is the first big US bank to report third quarter results, with Goldman Sachs and Citigroup on Thursday and Bank of America on Friday.
The second-biggest US bank made a net income of $3.6bn (£2.5bn), compared with $527m in the same period of 2008.
Strong performance in its investment banking division cancelled out losses on credit cards and consumer loans.
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