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Wall Street up on GE rating outlook, surging oil


    NEW YORK (Reuters) - Stocks rose for a third day on Thursday on relief that a ratings cut by S&P in General Electric was just one notch and no further cuts loomed, while data showed some stabilization in consumer spending.

    Crude oil futures surged nearly 11 percent.

    The Dow Jones industrial average gained 191.39 points, or 2.76 percent, at 7,121.79. The Standard & Poor's 500 Index jumped 22.62 points, or 3.14 percent, at 743.98. The Nasdaq Composite Index added 39.22 points, or 2.86 percent, at 1,410.86.

    (Reporting by Deepa Seetharaman; Editing by James Dalgleish)