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US stocks surge after a surprise interest rate cut in China and a hint of stimulus in Europe

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U.S. stocks are rising after a surprise interest rate cut in China and hints that the European Central Bank will step up its economic stimulus efforts.

The Standard & Poor's 500 index rose 11 points, or 0.6 percent, to 2,064 as of 11:55 a.m. Eastern time Friday.

The Dow Jones industrial average rose 113 points, or 0.6 percent, to 17,831. The Nasdaq composite added 19 points, or 0.4 percent, to 4,721.

PHOTO: The Wall Street subway stop on Broadway, in New York's Financial District,  Thursday, Oct. 2, 2014.  U.S. financial markets surged in early trading Friday, Nov. 21, 2014 as investors cheered a surprise interest rate cut in China and a hint of further stimulus for Europe from the head of the region's central bank. The rally extended gains from a day before, pushing the major market indexes further into record territory.  (AP Photo/Richard Drew)
The Wall Street subway stop on Broadway, in New York's Financial District, Thursday, Oct. 2, 2014. U.S. financial markets surged in early trading Friday, Nov. 21, 2014 as investors cheered a surprise interest rate cut in China and a hint of further stimulus for Europe from the head of the region's central bank. The rally extended gains from a day before, pushing the major market indexes further into record territory. (AP Photo/Richard Drew)

The Dow and S&P 500 are at record highs.

Material and industrial stocks rose the most. Caterpillar and DuPont led the gains in the Dow.

Sotheby's jumped 8 percent after the auction house's chief executive, William Ruprecht, said he would step down.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.32 percent.

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