Stocks soared for a second straight day with the Dow topping 400 points for the first time since November 2011 and the S&P 500 posting its biggest jump since January 2013. Leah Duncan reports.
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A fed-fueled rally sent U.S. stocks soaring, with the Dow Jones crossing the 400 point mark for the first time since November 2011. The S&P 500 posted its biggest jump since January 2013.
Tech stocks spearheaded a thunderous advance on Wall Street, building on Wednesday's big rally. That despite a mild pullback in crude oil prices.
Leading the charge: Oracle. The database software company's transition to the cloud business showed signs of progress as that helped boost quarterly revenue beyond analysts' estimates.
And Nike reported after the bell, beating on earnings and revenue.
And North Korea's Kim Jung Un may have had the last laugh. Sony canceled the release of its film, "The Interview" a comedy about the assination of the North Korean leader. Sony Pictures was hacked and it is believed the North Korean government orchestrated the thefts of e-mails, corporate documents and videos.
Investors were happy with the cancellation, pushing up shares.
S&P Capital IQ senior analyst Efraim Levy:
SOUNDBITE: EFRAIM LEVY, SENIOR ANALYST, S&P CAPITAL IQ (ENGLISH) SAYING:
"This may be something that they have to deal with for Sony and an industry on an ongoing basis --- that there are risks of being hacked and that that is going to be a new cost of doing business." (15;15)
Fewer customers are buying packaged coffee at Dunkin' Donuts, causing its parent, Dunkin' Brands, to cut its growth forecast for U.S. sales. The donut chain also warned that weakness at its joint ventures in Japan and South Korea would hurt next year's results.
Rite Aid looks healthier. Filling more prescriptions drove revenue higher. The drug store chain had cut its full-year forecast twice this year but raised it this time.
Mixed news on the economy: The number of weekly unemployment benefit claims unexpectedly fell last week, but factory activity slowed sharply this month in the mid-Atlantic region.
European stocks surged for their biggest daily gain in three years. A rise in Greek shares, an earlier rebound in oil, and relative calm in the Russian markets spurred buying.
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