The Dow Jones Industrial Average made a triple-digit jump Thursday as U.S. stocks built on the previous day’s rally to turn positive for the week, buoyed as China showed signs that measures to stabilize its economy and stock market may be taking hold. A sharp upward revision to the U.S. gross domestic product data, showing that U.S. economy grew at a faster 3.7% in the second quarter, helped lift the spirits of investors that have been unsettled by a spate of volatility. That along with a report of weekly jobless claims, which point to continued strength in the labor market, added to the optimism. “Today’s revision means the U.S. economy is growing faster and consumer spending portion points to a stronger growth in the second half of the year. With this kind of growth, we expect $135 earnings per share by the end of 2015,� said Phil Orlando, chief equity strategist and senior portfolio manager at Federated Investors. That translates to a 35% rise in the S&P 500 from its current level, according to Orlando. The Dow Jones Industrial Average DJIA, +1.85% jumped more than 300 points in earlier action and remained up 257 points, or 1.6%, at 16,541, with all 30 members of the blue-chip index trading higher. The S&P 500 SPX, +2.07% rose 33 points, or 1.7% to 1,974, with all 10 of the index’s main sectors trading higher. The Nasdaq Composite COMP, +2.19% climbed 84 points, or 1.8% at 4,782. The implied volatility on the S&P 500—the so-called fear gauge—as measured by the CBOE Volatility Index VIX, -14.12% fell 15% to 25.80. Global equity markets rallied following a 5.3% surge in the Shanghai Composite SHCOMP, +5.34% overnight, snapping a losing streak that wiped out nearly a quarter of its value in a week. That jump cheered investors world-wide, as fears about China have been blamed for much of the recent intense selling around the globe. Even so, some China watchers are questioning what drove the move and suggest the Chinese government intervened again. Read more: China’s mystery rally On Wednesday, the S&P 500 jumped 3.9% as the Dow surged 619 points. The benchmark S&P stands 8.9% off its May record close, after finishing down 12.4% from that level on Tuesday. Other markets: Asian markets rebounded, with a global recovery for equities gaining steam following reassuring comments from central bankers. European stocks SXXP, +3.46% also traded higher. Crude oil CLV5, +8.86% climbed 6.6%, while gold GCZ5, -0.17% was little changed. The dollar DXY, +0.60% showed modest gains. Economic news: The U.S. economy grew at a faster 3.7% annual pace in the second quarter, up from the initial estimate of growth at a 2.3% clip, the Commerce Department said Thursday. New applications for U.S. unemployment benefits fell by 6,000 to 271,000 in the seven days ended August 22, the first decline after four straight weekly gains. Pending home sales rose 0.5% in July after an upward revision to June’s numbers, the National Association of Realtors said Thursday. The weekend will bring the Federal Reserve’s annual conference in Jackson Hole, Wyo., where the central bank might offer fresh clues about a possible interest-rate hike. On the Fed front on Thursday, Kansas City Fed President Esther George said the market turmoil “complicates� any decision to raise rates, but she repeated her long-held call for a rate increase. Individual movers and shakers: Freeport-McMoRan, Inc. FCX, +26.14% cut its capital spending plans for 2016 by 29% and said it would also cut jobs. Shares jumped 22% to lead the S&P 500 gainers. Tesla Motors Inc. TSLA, +7.30% shares jumped 7% after Consumer Reports gave the electric car maker’s Model S sedan a 103-point score out of 100. Shares in St. Jude Medical STJ, +4.64% initially surged on news that Abbott Laboratories ABT, +3.50% might buy out the maker of medical devices, but then gave up much of its gain, trading 4.8% higher. Tiffany & Co. TIF, -2.76% slumped 2% after its disappointing quarterly earnings report. Dollar General Corp. DG, -3.69% slid 2.9% following its quarterly results.

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