New York stocks soared Monday in response to better-than-expected quarterly earnings by a major retailer that boosted investors' confidence in the U.S. economy.

The 30-issue Dow Jones Industrial Average, which fell 62.68 points last Friday, gained 235.44 points to 8,504.08, ending above 8,500 for the first time in 10 trading days.

The tech-heavy Nasdaq Composite Index, which lost 9.07 points last Friday, climbed 52.22 points to 1,732.36.

Major home improvement retailer Lowe's Cos. Inc. said earlier in the day that its net profit for the quarter ended on May 1 fell 22 percent from a year ago. With the result beating market expectations, investors became optimistic about the outlook of personal spending in the United States.

The market was also supported by positive assessments securities analysts made on Bank of America, sparking buying of financial issues, market analysts said.