Stocks set highs for 2010 after boost from the Fed

Associated Press
In this Nov. 3, 2010 photograph, trader Fred Demarco works on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)
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In this Nov. 3, 2010 photograph, trader Fred Demarco works on the floor of the New York Stock Exchange. …

Stocks indexes are setting new highs for the year, a day after the Federal Reserve announced a $600 billion plan to boost the economy.

According to preliminary estimates, the Dow Jones industrial average is up 220 points, or 2 percent, to close at 11,435. That's a new high for the year, toppling yesterday's high of 11,215.

The broader S&P 500 index rose 23 points, or 1.9 percent, to 1,221, and the Nasdaq composite gained 37 points, or 1.4 percent to 2,577.

All three stocks indexes hit their highest level of the year week.

Five stocks rose for every one that fell on the New York Stock Exchange, where trading volume came to 1.4 billion shares.

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