US stock markets settled higher on Thursday as industrial companies, banks, technology and materials firms and energy companies all rallied. A strong day of corporate results left investors feeling better about the economy.

The Dow Jones Industrial Average rose 174.22 points or 0.85 percent to settle at 20,578.71. NASDAQ 100 index advanced 43.90 points or 0.81 percent to close at 5,443.53. The broader S&P 500 index gained 17.67 points or 0.76 percent to end at 2,355.84.