US stocks surge after a surprise interest rate cut in China and a hint of stimulus in Europe

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U.S. stocks are rising after a surprise interest rate cut in China and hints that the European Central Bank will step up its economic stimulus efforts.

The Standard & Poor's 500 index rose 11 points, or 0.6 percent, to 2,064 as of 11:55 a.m. Eastern time Friday.

The Dow Jones industrial average rose 113 points, or 0.6 percent, to 17,831. The Nasdaq composite added 19 points, or 0.4 percent, to 4,721.

The Dow and S&P 500 are at record highs.

Material and industrial stocks rose the most. Caterpillar and DuPont led the gains in the Dow.

Sotheby's jumped 8 percent after the auction house's chief executive, William Ruprecht, said he would step down.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.32 percent.

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