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U.S. stocks closed modestly higher Thursday, driving the Nasdaq composite index to a record high.
Banks led the gainers as bond yields rose, which can result in higher interest rates on loans and bigger profits for banks from lending money. Energy companies also rose along with the price of crude oil.
The Standard & Poor’s 500 index rose 6.93 points, or 0.3 percent, to 2,368.06.
The Dow Jones industrial average gained 69.17 points, or 0.3 percent, to 20,728.49.
The Nasdaq composite index added 16.80, or 0.3 percent, to 5,914.34.
The Russell 2000 index of smaller-company stocks picked up 10.70 points, or 0.8 percent, to 1,382.35.
For the week:
The S&P 500 is up 24.08 points, or 1 percent.
The Dow is up 131.77 points, or 0.6 percent.
The Nasdaq is up 85.61 points, or 1.5 percent.
The Russell 2000 is up 27.70 points, or 2.1 percent.
For the year:
The S&P 500 is up 129.23 points, or 5.8 percent.
The Dow is up 965.89 points, or 4.9 percent.
The Nasdaq is up 531.23 points, or 9.9 percent.
The Russell 2000 is up 25.22 points, or 1.9 percent.