Dow soars 400 points, led by rally in tech sector

The Dow closed up 421 points, or 2.4 percent

(AP Photo/Richard Drew)

NEW YORK (AP) — The Dow Jones industrial average had its biggest day in three years, soaring more than 400 points as the stock market extended a rally into a second day.

The Dow closed up 421 points, or 2.4 percent, to 17,778 Thursday, its largest gain since December 2011. The Standard & Poor’s 500 gained 48 points, or 2.4 percent, to 2,061. The Nasdaq composite climbed 104 points, or 2.2 percent, to 4,748.

Financial Advisor Mark Teed told 22News,  “This year, the story of the year is that consumer confidence picked up. Consumers felt better about things, they felt better about the direction of the country and next year, we’re looking for about a 10% increase in the stock market. ”

The market built on its surge from the day before, when the Federal Reserve indicated it was in no rush to raise interest rates. Oracle led a rally in technology shares after the business software maker reported earnings that were better than expected. Bond prices fell. The yield on the 10-year Treasury note rose to 2.21 percent.

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