The U.S. stock market closed out its fifth-straight week of gains with new highs Friday, buoyed by positive economic news from China and Europe.
The People’s Bank of China announced a surprising interest rate cut on Friday — the bank’s first in two years and one that sent international markets higher. Meanwhile, Mario Draghi, the president of the European Central Bank, further boosted global investors’ confidence by saying the central bank is prepared to step up efforts to give the struggling eurozone economy a much-needed shot in the arm.
The Dow Jones Industrial Average jumped 91 points, or 0.5%, to finish at a new record close of 17,810. The blue-chip index, which also set a new intraday high by flirting with the 17,900-point mark, hit a record close two out of five days this week after recording new all-time high finishes three times last week.
The S&P 500 also posted…
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