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Dow, S&P 500, Nasdaq, Russell 2000 set new closing highs

The Associated Press

Stocks gained Thursday, the Nasdaq joining the Dow, S&P 500 and Russell 2000 in record territory as all four indexes hit new all-time closing highs.

After a quiet start, major U.S. stock indexes jumped in afternoon trading as the market built on a surge the previous day. Banks and basic materials companies made the biggest gains, and technology companies also climbed. Defense contractors and other industrial companies took losses.

The small-stock Russell 2000 surged 1.5%.

Meanwhile the Dow Jones industrial average ended up about 65 points, or 0.3%. The Standard & Poor’s 500 index rose 0.2%. The Nasdaq composite jumped 0.4%.

Traders work on the floor of the New York Stock Exchange.

These are the new closing highs for the four indexes:

► Dow: 19,614.81
► S&P 500: 2246.19
► Nasdaq: 5417.36
► Russell 2000: 1386.37

U.S. government bond prices fell, sending yields higher. The yield on the 10-year Treasury note rose to 2.40% from 2.34%. That drove banks stocks up since higher interest rates will allow banks to charge more for lending money. Goldman Sachs (GS), which has surged 32% since the presidential election and is trading at a nine-year high, was up 2.5%, and Bank of America (BAC) picked up 1.7%.

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Makers of basic materials and technology companies also booked large gains. Chemicals maker DuPont (DD) added 1.2% and Albemarle (ALB) rose 3.4%. Specialty glass maker Corning (GLW), which said it will buy back as much as $4 billion worth of stock, jumped 1,2% while eBay (EBAY) picked up 1.8%.

Energy companies traded higher in tandem with oil prices. Benchmark U.S. crude rose 2.1% to $50.84 per barrel in New York.

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The European Central Bank will extend its economic stimulus program to support growth. It will spend almost $600 billion on bond purchases and extended the bond-buying program through the end of 2017. It was scheduled to conclude at the end of March. However the ECB surprised investors by saying it will reduce the size of the monthly purchases after March. It said that is not a sign it is getting ready to phase out the stimulus.

European stocks climbed for the second day in a row. Germany's DAX index was up 1.8% and France's CA 40 index gained 0.9%. London's FTSE 100 rose 0.4%.

Asian markets posted mixed results. Japan’s Nikkei 225 surged 1.5% while South Korea’s Kospi jumped 2%. Hong Kong’s Hang Seng index gained 0.3% and the Shanghai Composite Index slipped 0.2%.

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