Wall Street surged Thursday as investors looked past a sharp rebound in oil prices and focused on comforting news about the economy – better-than-expected retail sales and a drop in the number of laid-off workers seeking unemployment benefits.

The Dow Jones industrials rose almost 214 points, posting its biggest daily point gain since April 18.

The market got an additional boost from word that Verizon Wireless will acquire Alltel Communications LLC for $5.9 billion in cash and the assumption of $22.2 billion in debt.