NEW YORK, New York - U.S. stocks rallied sharply on Thursday after the House of Representatives passed the controversial bill to lift and extend the debt ceiling to 2025.

After weeks of stand-off, the 314-117 vote relieved anxious investors. "Anytime a big negative or a big potential negative catalyst is removed, it helps remove some uncertainty from the market," Ross Mayfield, investment strategy analyst at Baird told CNBC Thursday. "But at the same time, the equity market, at least, had really looked through this story."

The Nasdaq Composite did best, surging 165.70 points or 1.28 percent, to close Thursday at 13,100.98.

The Standard and Poor's 500 jumped 41.19 points or 0.99 percent to 4,221.02.

The Dow Jones industrials advanced 153.30 points or 0.47 percent to 33,061.57.

The Russell 2000 index, which represents small-cap stocks, advanced by 18.29 points or 1.05 percent to close at 1,767.94.

Moving to the New York Stock Exchange, the NYSE COMPOSITE (DJ) index finished the day at 15,031.08, reflecting a gain of 143.94 points or 0.97 percent.

Simultaneously, the NYSE AMEX COMPOSITE INDEX, known as the ^XAX, posted a notable increase of 76.13 points or 1.97 percent, closing at 3,947.35. The surge in the index was driven by strong performances from various sectors, indicating a broad-based market rally.

The euro gained ground against the U.S. dollar on FX markets Thursday, cruising up to 1.0761, for a 0.68 percent gain.

The Japanese yen increased 0.40 percent to 138.77

The Canadian dollar also strengthened against its U.S. counterpart, as the USD/CAD pair decreased by 0.88% to close around 1.3451. The British pound, too saw some positive movement, with the GBP/USD pair rising by 0.74% to 1.2529.

The Swiss franc market increased 0.50% to settle at around 0.9059. The Australian dollar was the day's best performer Thursday, jumping 1.10 percent to 0.6573.

The New Zealand dollar also recorded hefty gains against the U.S. dollar, with the NZD/USD pair rising by 0.86% to 0.6069.

Global stock markets showed mixed results on Thursday but were mostly higher as investors welcomed the progress of the debt ceiling bill in the U.S. Congress, which has been hanging like a shadow over global markets for several weeks.

The UK's FTSE 100 index closed in London at 7,490.27, recording a gain of 44.13 points or 0.59%.

Germany's DAX index finished at 15,853.66, up by 189.64 points or 1.21%.

In Paris, the CAC 40 index ended the day at 7,137.43, representing an increase of 38.73 points or 0.55%.

The Eurozone's ESTX 50 PR.EUR index finished at 4,257.61 Thursday, recording an increase of 39.57 points or 0.94%.

The Euronext 100 index closed at 1,328.30, marking a gain of 9.98 points or 0.76%.

The STOXX50E index, which tracks the performance of the top 50 European blue-chip stocks, closed the day without significant movement. The index remained steady at its previous level, with no change observed.

Belgium's BEL 20 index ended the day at 3,551.92, rising by 15.13 points or 0.43%.

The MOEX Russia Index concluded at 2,222.51, experiencing a decrease of 4.14 points or 0.19%.

Japan's Nikkei 225 index concluded at 31,148.01, marking a rise of 260.13 points or 0.84%.

In Hong Kong, the Hang Seng index closed at 18,216.91 Thursday, indicating a decrease of 17.36 points or 0.10%.

China's Shanghai Stock Exchange recorded the SSE Composite Index at 3,204.63, gaining 0.07 points. Meanwhile, the Shenzhen Index in China closed at 10,835.90, rising by 42.05 points or 0.39%.

The Australian S&P/ASX 200 index concluded at 7,110.80, up by 19.50 points or 0.27%, while the Australian All Ordinaries index finished at 7,290.70, indicating an increase of 17.20 points or 0.24%.

Singapore's STI Index closed Thursday at 3,166.30, recording a gain of 7.50 points or 0.24%.

In India, the S&P BSE SENSEX closed at 62,428.54, registering a decrease of 193.70 points or 0.31, while the NIFTY 50 index in India closed at 18,487.75, indicating a decrease of 46.65 points.

Indonesia's IDX COMPOSITE index concluded at 6,633.26, experiencing a decrease of 3.16 points or 0.05%.

The FTSE Bursa Malaysia KLCI index closed at 1,383.01, marking a decrease of 4.11 points or 0.30%.

New Zealand's S&P/NZX 50 INDEX GROSS closed at 11,916.13, recording a gain of 103.12 points or 0.87%.

In South Korea, the KOSPI Composite Index ended the day Thursday at 2,569.17, indicating a decrease of 7.95 points or 0.31%.

Taiwan's TSEC weighted index concluded at 16,512.65, experiencing a decrease of 66.31 points or 0.40%.

Elsewhere, in Canada, the S&P/TSX Composite index ended the day Thursday at 19,672.25, marking a gain of 100.01 points or 0.51 percent. The index was driven higher by positive sentiment in various sectors, contributing to an overall uptick in market activity. Trading volume stood at 199.457 million shares.

Moving to South Africa, the Top 40 USD Net TRI Index registered a significant increase of 73.18 points or 1.93 percent, closing at 3,870.23. The positive performance was buoyed by robust gains across multiple sectors, indicating renewed investor confidence.

Across to Latin America. In Brazil, the IBOVESPA index, which represents the performance of the Brazilian stock market, recorded a significant gain of 2,228.97 points or 2.06 percent, closing at 110,564.04. The positive movement was fueled by favorable economic data and investor optimism.

In Mexico, the IPC MEXICO index closed with a minor increase of 34.39 points or 0.07 percent, settling at 52,770.65. Although the gain was relatively modest, it reflected a stable trading session. The trading volume for the index reached 236.448 million shares.

The S&P/CLX IPSA index, representing the Chilean stock market, ended the day Thursday unchanged at 5,058.88. No significant movement was recorded for the index, reflecting a relatively quiet trading session.

In Israel, the TA-125 index closed at 1,728.73, marking a decrease of 18.29 points or 1.05%.

Egypt's EGX 30 Price Return Index finished at 17,533.30, recording a gain of 37.50 points or 0.21%.

Meanwhile, the CBOE Volatility Index, commonly referred to as the VIX, experienced a notable decline of 2.28 points or 12.71 percent, settling at 15.66. The decrease in market volatility suggests a calmer trading environment as investors feel more confident in their positions.

Overall, global markets displayed a mixed performance Thursday as investors weighed various economic indicators and geopolitical developments. While some indices saw positive gains, others experienced minor declines. Market participants remain attentive to events that could influence market sentiment and trading activity, including the upcoming monetary meeting of the U.S. Federal Reserve on June 13 and 14.