Strong manufacturing and construction reports boosted U.S. stocks Wednesday on all major indexes, and hammered the bond market.

The Dow Jones industrial average rose 81.58 or 0.78 percent to 10,549.06 on a volume of 1.1 billion shares. The Nasdaq composite soared 19.64 or 0.95 percent to 2,087.86, and the Standard & Poor's 500 increased 10.72 or 0.90 percent to 1,202.22.

The Commerce Department said construction spending in April rose 0.5 percent and the Institute of Supply Management said U.S. economic activity in the manufacturing sector grew in May for the 24th consecutive month, while the overall economy grew for the 43rd consecutive month.

The 10-year Treasury note rose 23/32, or $7.19 for each $1,000 invested, for a 3.899 percent.

The dollar rose again, hitting 108.54 yen from 108.53 as the euro fell to $1.2222 from $1.2305.

Tokyo's Nikkei 225 gained 53.08 or 0.5 percent to 11,329.67, and London's FTSE 100 closed over the psychologically important 5,000 level, rising 45.40 or 091 percent to 5,009.40.