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Stocks rally on ECB, but negative for week

Stocks gained on Friday on news the European Central Bank is considering setting targets in a new bond-buying program that could help contain euro-zone borrowing costs.
/ Source: Reuters

U.S. stocks gained on Friday on news the European Central Bank is considering setting targets in a new bond-buying program that could help contain euro-zone borrowing costs and on hopes of more stimulus from the Federal Reserve.

The Dow Jones industrial average shot up 100.51 points, or 0.77 percent, to end unofficially at 13,157.97. The Standard & Poor's 500 Index advanced 9.04 points, or 0.64 percent, to finish unofficially at 1,411.12. The Nasdaq Composite Index gained 16.39 points, or 0.54 percent, to close unofficially at 3,069.79.

For the week, the Dow fell 0.9 percent, the S&P 500 slipped 0.5 percent and the Nasdaq dipped 0.2 percent. The Dow and the S&P 500 broke six-week winning streaks, while the Nasdaq ended a five-week string.