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Standard & Poor's 500 index closes at a record high; Hewlett-Packard gains on better results

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NEW YORK, N.Y. - Another round of buying on the stock market is sending the Standard & Poor's 500 index to its latest record high.

Traders were encouraged by earnings gains and a decline last week in the number of people applying for unemployment benefits.

The S&P 500 rose five points, or 0.3 per cent, to close at 1,992 Thursday. That's four points above the record close it reached July 24.

The Dow Jones industrial average gained 60 points, or 0.4 per cent, to 17,039. The Nasdaq composite edged up five points, or 0.1 per cent, to 4,532.

Hewlett-Packard rose 5 per cent after the company reported its first sales increase in nearly three years. Sears fell 7 per cent after reporting a wider loss.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.40 per cent.

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