Stocks Jump on Signs Economy Is Getting Stronger

NEW YORK (TheStreet) -- Major U.S. stock averages rallied Thursday, as better-than-expected economic reports outweighed disappointing quarterly results from Bank of America(BAC) and Citigroup(C) .

Although bank results were dominating the fourth-quarter earnings headlines, investors were also gearing up for chipmaker Intel's(INTC) . The company reported fourth-quarter income of 48 cents a share on $13.48 billion in revenue. Analysts polled by Thomson Reuters expected 45 cents a share on $13.53 billion in revenue. The stock was the biggest gainer in the Dow ahead the announcement, increasing 2.6% during Thursday's session.

The Dow Jones Industrial Average soared 85 points, or 0.63%, to 13,596. The blue-chip index has been up for five days out of six.

Breadth was positive, with winners outpacing losers 24 to six. Walt Disney(DIS) , Verizon(VZ) , Home Depot(HD) and Intel shares made their way to the top.

UnitedHealth(UNH) shares rose 1.4% after the company booked in-line fourth-quarter earnings of $1.20 a share on revenue of $28.77 billion. Analysts, on average, were expecting revenue of $28.2 billion.

Bank of America, JPMorgan(JPM) , Wal-Mart(WMT) and Hewlett-Packard (HPQ) were the biggest percentage blue-chip decliners.

Boeing(BA) shares climbed 1.2% despite the company's 787 Dreamliner being grounded worldwide on safety concerns.

Hewlett-Packard(HPQ) shares slipped 0.58% after Wednesday's advance on a news report that potential purchasers are evaluating the company's Autonomy and EDS units.

The S&P 500 advanced 8 points, or 0.56%, to 1,481. The benchmark index traded at a five-year high at its intraday high of 1485.16.

The Nasdaq tacked on 18 points, or 0.59%, to 3,136.