Bulls ran wild across Wall Street yesterday, rallying stocks to their highest level in three years while trampling the greenback.

Several strong earnings surprises triggered a buying spree in blue chips and tech stocks, while speculators piled onto commodities, pushing oil prices higher and gold past the $1,500 an ounce milestone for a second day.

The market rebound came after a bad start to the week, when Standard & Poor’s cut its outlook on US debt to negative, citing concerns about rising deficits and debt.

Despite slower trading in a week of religious holidays, Intel climbed 7.8 percent to $21.41, United Tech added 4.3 percent to $85.90 and Apple swelled 1.4 percent to $342.41 following its surging quarterly results.

The improved profit outlooks helped the Nasdaq score its best session in seven months, rising 2.10 percent to 2,802.51.

The Dow Jones industrial average rose 186.79, or 1.52 percent, to 12,453.54. The S&P 500 added 17.74, or 1.35 percent, to 1,330.36.

The dollar plunged against most major currencies to its lowest level since the depths of the US recession in November 2009.

The dollar is down 8 percent against the euro to $1.45. The Australian dollar passed the greenback in value, hitting $1.07, its highest against the US currency since 1983.

With the US keeping its key interest rate near zero, analysts said investors are seeking bets denominated in other currencies where governments are raising interest rates.

Oil surged $3.11 a barrel here to $110.71 and gold gained $11.10 to $1,506.20 an ounce.

Investors dumped US Treasury bonds in favor of roaring commodities, such as sugar, which jumped 4 percent in one day, and arabica coffee, which ended at a 34-year high, or $3.05 pound wholesale.