US stocks rally on China, Spain growth hopes

US stock markets scored solid gains Thursday amid speculation of additional stimulus measures from China and after Spain announced a tough 2013 austerity budget. The Dow Jones Industrial Average was up 73.03 points (0.54 percent) at 13,486.54 in closing trade. The S&P 500, a broad measure of the markets, jumped 13.92 (0.97 percent) to 1,447.24, while the Nasdaq Composite added 42.90 (1.39 percent) at 3,136.60. "The US equity markets are rebounding from the recent string of red sessions, finding support in afternoon action from growing speculation that China may be nearing the deployment of further stimulus and Spain's approved 2013 budget plan," Charles Schwab & Co. analysts said. The rally came despite downbeat government economic data showing durable goods orders plunged and an unexpected downward revision to second-quarter economic growth.