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. Last Updated: 07/27/2016

Markets Set Records

NEW YORK -- U.S. stocks raced ahead Thursday on the back of Hewlett-Packard Co.'s upbeat earnings, driving the Nasdaq and Standard & Poor's 500 indices further into record ground.

The Nasdaq composite index jumped 77.65 points, or 2.38 percent, to 3,347.04, its 12th record close in 15 sessions. The Standard and Poor's 500 index rose 14.22 points, or 1.01 percent, to 1,424.93, also a record.

But on the broader market, declining stocks edged out advances 1,526 to 1,512 on very heavy volume of 1 billion shares on the New York Stock Exchange.

Most Asian stock markets ended higher Friday, with the key indexes in both Tokyo and Hong Kong rising to a two-year high on the back of overnight gains on Wall Street.

The Japanese benchmark 225-issue Nikkei Stock Average closed up 38.03 points, or 0.21 percent, to 18,570.84 points. It was the Nikkei's highest level since Sept. 10, 1997, when it finished at 18,704.77.

In Hong Kong, the blue-chip Hang Seng Index rose 351.36 points to close at 15,073.10, its highest closing level since Oct. 3, 1997, when it closed at 15,128.02.