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Stocks ended sharply higher Tuesday after a late rally as investors cheered a better-than-expected existing-home sales report.
The Dow gained 102.94, or 1%, to close at 10,888.83, another 1½-year closing high. Kraft and Pfizer were the biggest gainers.
The S&P 500 gained 0.7%, with industrial and technology the best-performing sectors. The tech-heavy NASDAQ climbed 0.8%.
Bank stocks finished mostly higher as a draft of financial reform legislation was approved by a Senate panel last night and now moves to the full Senate for a vote. The legislation apparently leaves out two key issues - the creation of a single fiduciary standard for financial advisers and mandatory arbitration for customer disputes.
Toyota shares gained more than 2% as the automaker raised its global production plans for this year by one percent to 7.57 million vehicles. Its well-publicized troubles aside, Toyota has been helped by subsidy-led demand for fuel efficient cars in Japan.
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