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US stocks extend gains from record highs

FXStreet (Mumbai) - US stocks gained, extending the rally from the record high closing witnessed in the last week, on expectations that the European Central Bank (ECB) will buy government debt to support growth.

At the time of writing, the S&P 500 traded up by 0.30%, while the DJIA traded up by 0.16%. The Russell 2000 Index of small companies rallied 0.76%. The S&P 500 rose to the record highs last week as the domestic data signaled economy is improving, while the expectation of more aggressive stimulus from the ECB and an interest rate cut by China triggered a “risk-on” rally.

Meanwhile, the US equities have shrugged-off a slight weakness in the preliminary service sector PMI and regional manufacturing activity indices. Treasury prices fell before the 2-year note auction and as investors await the gross domestic product data.

Among stocks, shares in the world’s biggest electronic chain Best Buy Co., gained 1.8%. Meanwhile, Tetraphase Pharmaceuticals Inc. rallied 11% on the news that the company is exploring a sale. Platinum Underwriters Holdings Ltd. climbed 20% after the company said that Renaissancee Holdings Ltd. will buy it. On the minus side is Verizon, which fell 2.2%, followed by more than 2% losses in AT&T Inc. and Frontier Communications Corp.

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