The rally followed the lead of overseas markets, which rose as commodities rallied and the dollar declined after officials from the Group of 20 countries agreed to keep their economic stimulus measures in place.
Traders work on the floor of the New York Stock Exchange November 9, 2009.
Though a series of positive signs have shown that global economy is in the recovery process, the G20 policymakers agreed to maintain support for the recovery until it is assured in order to restore the global economy and financial system to health.
The U.S. dollar tumbled sharply after the news over the weekend. The dollar index, which measures the greenback against a basket of foreign currencies, fell to its lowest level in nearly 15 months.
Due to the weak dollars, gold futures reached record highs while prices of commodities soared. Energy and basic materials sectors rose the most in the stock markets.
Shares of Sprint Nextel, the third largest U.S. mobile service provider, rose more than 20 percent, as the company announced that it will be eliminating up to 2,500 people in the fourth quarter to reduce costs.
Radio Shack's shares jumped to a 52-week-high amid expectations that the addition of Apple Inc's iPhone to Radio Shack's stores will boost earnings.
The Dow Jones industrial average rose 203.52 points, or 2.03 percent, to 10,226.94. The Standard & Poor's 500 index was up 23.78 points, or 2.22 percent, to 1,093.08. The Nasdaq composite index advanced 41.62 points, or 1.97 percent, to 2,154.06.
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