Wall Street surged on Wednesday while the Dow Jones industrial average topped the 10-thousand benchmark for the first time since October 2008.

The rise came as investors were boosted by surprisingly strong earnings reports from Intel and the second-largest US bank by assets, JP Morgan Chase.

The bank said its profits in the third quarter soared to nearly 3.6 billion US dollars, almost sevenfold while beating analysts' estimates.

Intel, the world's largest computer-chip maker, reported a smaller-than-expected decline in profits and sales, also topping analysts' estimates.

On the same day, oil rose above 75 US dollars a barrel, a record high for the year as economic optimism hinted at a recovery in global energy demand.