(Close): US stock markets closed more than 2% higher, extending the sharp gains made on Wednesday after GDP figures were revised higher.
At the close, the Dow Jones was 366.72 points, or 2.3%, at 16,285.51. with the S&P 500 up 2.43% at 1,987.66 and the Nasdaq up 2.45% at 4,812.71.
Second quarter growth figures were revised up from 3.7% from 2.3%.
Oil also rose sharply, with both Brent and US light crude up 10% to $47.56 and $42.76 a barrel respectively.
Among the top five Dow gainers were Chevron, up by more than 6% and ExxonMobil, up by 3.2%.
Traders said the rally was helped by Fed member comments indicating a September rate rise was less likely.
"Despite the good GDP numbers that we saw today, September largely seems off the table because of the turmoil that we've seen in the past week," said Scott Brown, chief economist at Raymond James.
In China, where steep share price falls this week sparked a global sell-off, shares managed to rise by 5%.
In company news, shares in the jewellery firm Tiffany fell 2% after it unexpectedly reported a decline in full-year profit.