NEW YORK — U.S. stocks are jumping back toward records amid a worldwide market rally. The S&P 500 was 0.7% higher in early trading Thursday and on track to set an all-time high for the 42nd time this year. The Dow Jones Industrial Average was also heading toward a record and up 236 points, or 0.6%. The Nasdaq composite was 1.2% higher. Micron Technology jumped after the maker of computer memory and storage chips delivered stronger profit for the latest quarter.
Bloomberg and other reports cited unnamed sources as saying that the Chinese government would spend 1 trillion yuan on capital injections for lenders. Earlier this week, Li Yunze, head of the National Financial Regulatory Commission, told reporters in Beijing that regulators would increase capital at six large banks, but he gave no dollar amount.
Oil companies are under pressure again, and crude prices fell for the second day after The Financial Times reported through sources that Saudi Arabia is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output. Chevron, Exxon Mobil and ConocoPhillips were all down between 1% and 2% before the bell.
The next date on the calendar circled for a potentially big market move is next week's monthly update on the U.S. job market.
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