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S&P 500, Nasdaq set records as market focuses on Trump moves

Traders Kenneth Polcari, left, and Christopher Fuchs work

Traders Kenneth Polcari, left, and Christopher Fuchs work on the floor of the New York Stock Exchange, Monday, Jan. 23, 2017.  Photo Credit: AP / Richard Drew

U.S. stocks posted solid gains Tuesday, propelling the Standard & Poor’s 500 index and Nasdaq composite to all-time highs.

Mining and other materials sector companies rose more than the rest of the market. The sector could benefit from initiatives by the White House to streamline the permitting process for manufacturing and clear the way for pipeline construction.

Financial stocks also rose sharply. Energy companies climbed as crude oil prices closed higher.

While several big companies reported quarterly earnings, investors focused on the latest batch of executive actions from President Donald Trump.

“The importance of this earnings season has been dimmed only because we all realize there’s going to be some changes in policy,” said J.J. Kinahan, TD Ameritrade’s chief strategist.

The Dow Jones industrial average climbed 112.86 points, or 0.6 percent, to 19,912.71. The S&P 500 index gained 14.87 points, or 0.7 percent, to 2,280.07.

The Nasdaq added 48.01 points, or 0.9 percent, to 5,600.96.

Small-company stocks outpaced the rest of the market. The Russell 2000 jumped 21.37 points, or 1.6 percent, to 1,369.21.

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