The Dow Jones industrial average topped the symbolic mark of 10,000 on Wednesday for the first time Since October 2008, signifying soaring signs of economic recovery from slump.

On Wednesday, the Dow Jones gained 144.80 points to touch 10,015.86 on Wednesday. It was its biggest increase since August 21 as well as the highest close since October 3 previous year.

Speaking on the topic, Jefferies & Co.'s chief market analyst, Arthur Hogan, said, "It's almost like an announcement that the bear market is over."

Better than expected retail sales figures plus strong earning reports from the technology industry backed the Dow Jones industrial average to soar above 10,000 points.

The Dow Jones had jumped to 14,164.53 in October 2007, before losing over 50 per cent of its value due to the financial slump.

The Standard & Poor's 500 gained 18.83 points to 1,092.02, representing an increase of 61.4 per cent from a 12-year low in the month of March.

Wall Street rally was also backed by the financial shares after JP Morgan Chase said that its profits during the third quarter jumped seven times from previous year to settle at $3.59 billion.