NEW YORK (AP) -- After a quiet start, major U.S. stock indexes again set all-time highs Thursday as the market built on a surge the previous day. Banks continued to lead the way as bond yields jumped, and small-company stocks soared again.
Bond yields in the U.S. and Europe, particularly in heavily indebted countries, jumped after the European Central Bank surprised investors by saying it will reduce the size of its monthly bond purchases. That sent interest rates higher, which makes it more profitable for banks to lend money.
"Bond yields are creeping higher as these central banks are easing off the pedal a bit," said John Canally, an investment strategist for LPL Financial.
Energy companies rose with the price of oil and companies that make chemicals and other basic materials also climbed. Industrial companies and makers of household goods slipped, which held stocks back from even larger gains.
The Dow Jones industrial average climbed 65.19 points, or 0.3 percent, to 19,614.81. It rose as much as 115 points around 2 p.m. The Standard & Poor's 500 index picked up 4.84 points, or 0.2 percent, to 2,246.19.
The Nasdaq composite had lagged behind the other major indexes over the last two weeks, but it rebounded along with technology companies and rose 23.59 points, or 0.4 percent, to 5,417.36.
