NEW YORK ­ Investors rewarded Wall Street today for an upbeat earnings season, pushing stocks sharply higher and extending two weeks of stunning gains.

The market overcame an earlier round of profit-taking and saw the Dow Jones industrials shoot up more than 200 points.

Analysts attributed today's advance to the market's own momentum and to budding optimism by investors who have seen big companies such as General Motors, Citigroup and IBM beat earnings expectations. However, today's batch of earnings reports was rather lackluster.

"There is a euphoria," in the market, said Brian Bruce, director of global investments for PanAgora Asset Management Inc. in Boston. "People have been waiting for something to be enthusiastic about."

After falling 91 points early in the session, the Dow Jones industrial average closed up 215.84, or 2.6 percent, at 8,538.24, according to preliminary calculations. In the past eight sessions, the Dow has jumped 1,251 points ­ 502 in the past three sessions.

The market's broader indicators were also higher, having shaken off earlier losses of their own. The Nasdaq composite index rose 21.79, or 1.7 percent, to 1,309.65. The Standard & Poor's 500 index advanced 15.33, or 1.7 percent, to 899.72.

Today represented the third up day in a row for Wall Street. The gauges were also building on two straight winning weeks, their first such streak in two months. In the past two weeks, the Dow and S&P have each gained 10.5 percent, and the Nasdaq has jumped 13 percent.

Analysts attribute the bulk of the gains to third-quarter earnings that have been surprisingly strong. Of the 215 companies in the S&P 500 that have reported results so far, 61 percent have surpassed expectations, according to Thomson First Call. And, 28 percent have matched estimates, while 11 percent have missed forecasts.

Investors again rewarded companies that exceeded earnings forecasts. Printer maker Lexmark rose 99 cents to $56.74 on third-quarter profits that beat analysts' expectations by a penny a share.

The market's advance came despite tepid economic news. The Conference Board reported that its Index of Leading Economic Indicators declined 0.2 percent in September. The reading matched expectations, but it still suggests that the economy faces further weakness.