It was the first time in three weeks that the S&P 500 has risen for two days in a row. But the market is still struggling to leave credit jitters behind for good. Concerns that worsening credit conditions could hurt the economy pushed the S&P 500 down in July to its worst monthly performance in three years.

Wall Street pulls off another winner

Stocks surge in late trading for second straight session, despite subprime, credit market worries.

NEW YORK (CNNMoney.com) -- Wall Street staged another late-session rally Thursday, with the Dow industrials finishing 100 points higher, even amid persistent subprime and credit market fears.

The Dow Jones industrial index (up 100.96 to 13,463.33, Charts) gained about 100 points, finishing nearly 0.8 percent higher.

The broader S&P 500 (up 6.39 to 1,472.20, Charts) climbed over 0.4 percent higher after dipping into negative territory earlier in the session, while the tech-laden Nasdaq Composite index (up 22.11 to 2,575.98, Charts) rose nearly 0.9 percent.

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U.S. stocks surged in a last-minute rally on Wednesday as investors snapped up shares beaten down by worries over deteriorating credit conditions. Major stock gauges zigzagged wildly throughout the session. The Dow swung between positive and negative dozens of times and the S&P 500 changed direction even more frequently. In the final minutes of trading, the Dow turned positive in a 180-point burst higher -- the mirror image of Tuesday's last minute swoon by the blue chips.

The Dow Jones industrial average jumped 150.38 points, or 1.14 percent, to end at 13,362.37. The Standard & Poor's 500 Index gained 10.54 points, or 0.72 percent, to finish at 1,465.81. The Nasdaq Composite Index rose 7.60 points, or 0.30 percent, at 2,553.87. In the last few minutes, several events collided as market participants sold off U.S. Treasury bonds, while in futures trading, investors covered short positions set up earlier in the day on bets the market would continue to fall. Utilities, known for consistent returns and high dividends that are attractive in times of volatility, were the S&P 500's top performers. An S&P index of utilities' stocks rose 2.71 percent.