Stocks surge as US companies report higher profits; Dow up 216

NEW YORK (AP) -- Stocks are closing with big gains after several major U.S. companies reported higher profits.<br /> <br /> Caterpillar and 3M led the gains among industrial stocks, which rose significantly more than the rest of the market. Caterpillar rose 5 percent and 3M rose 4 percent after each company reported earnings that impressed investors.<br /> <br /> The Dow Jones industrial average rose 216 points, or 1.3 percent, to 16,677 Thursday. It was up as much as 306 points in afternoon trading.<br /> <br /> The Standard & Poor's 500 index gained 23 points, or 1.2 percent, to 1,950. The Nasdaq composite rose 69 points, or 1.6 percent, to 4,452.<br /> <br /> Crude oil rose $1.57 to settle at $82.09 a barrel in New York.<br /> <br /> Bond prices fell. The yield on the 10-year Treasury note rose to 2.28 percent.