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Bank, materials and tech stocks lead markets to new all-time highs

Bank, materials and tech stocks lead markets to new all-time highs

Major U.S. stock indexes again set all-time highs Thursday as the market built on the previous day’s surge. Banks continued to lead the way as bond yields jumped, and small-company stocks soared again.

Bond yields in the U.S. and Europe, particularly in heavily indebted countries, jumped after the European Central Bank surprised investors by saying it will reduce the size of its monthly bond purchases. That sent interest rates higher, which makes it more profitable for banks to lend money.

Energy companies rose with the price of oil. Companies that make chemicals and other basic materials also climbed. Industrial companies and makers of household goods slipped, holding markets...

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