Stocks close higher as banks, technology lead broad rally

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A choppy day of trading on Wall Street ended Thursday with stocks broadly higher and another all-time high for the Dow Jones Industrial Average.

The pharmaceutical industry, which thought it could do no wrong thanks to the COVID-19 vaccines, is taken down a peg by the Biden administration.

This week, the focus is on the health of the labor market, with the government due to report April hiring data Friday. Job growth has been one of the keys to a sustained economic rebound, but it has lagged behind other areas of the economy such as retail sales and consumer confidence.

 

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