Stocks surged Thursday as Wall Street cheered Europe’s debt deal and data showed that the US economy in the third quarter grew at its most rapid pace in a year.

Adding to a 162-point advance Wednesday, the Dow Jones Industrial Average closed up 339.44 points, or 2.9 percent, at 12,208.48. The benchmark index is on pace for its best month since January 1987.

The S&P 500 Index finished up 42.58 points, or 3.4 percent, at 1,284.59, while the Nasdaq closed up 87.96 points, or 3.3 percent, at 2,738.63.