S&P 500 finishes 0.7% higher; Nasdaq Composite gains 1.1%

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Dow ends within 1% of record but small-caps wallop broader market on the day with a 2% surge

The Dow Jones Industrial Average on Wednesday matched its longest win streak since June and small-capitalization stocks surged by 2% as hope of easy-money policies provided a boost for stock buying. The European Central Bank will deliver a policy decision on Thursday morning, which could influence the Federal Reserve’s actions next week, market participants said. The Dow closed up 228 points, or 0.9%, at 27,137, marking its sixth straight gain, the longest win streak since a similar rally ended June 10 and putting blue-chips 0.8% away from its July 15 record at 27,359. The S&P 500 closed at a psychologically important level above 3,000, up 0.7% at 3,000.93, putting the broad-market benchmark also 0.8% shy of its recent high on July 26, while the Nasdaq Composite Index rose 1.1% to 8,170, putting the index about 1.9% short of its recent peak. But the best performance has been among small-caps, as measured by the Russell 2000 index , which was up more than 2% on Wednesday and has gained 4.6% so far this week, besting all three main stock benchmarks for the day and week.

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