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(Globalpost/GlobalPost)

US stocks barreled to fresh records Friday, easily eclipsing prior peaks following China's surprise interest-rate cut.

The Dow Jones Industrial Average jumped 91.06 points (0.51 percent) to 17,810.06, posting its second straight record close.

The broad-based S&P 500 gained 10.75 (0.52 percent) to 2,063.50, while the tech-rich Nasdaq Composite Index advanced 11.10 (0.24 percent) to 4,712.97.

The People's Bank of China unexpectedly cut benchmark interest rates for the first time in more than two years to boost sagging economic growth.

Jack Ablin, chief investment officer at BMO Private Bank, said China's move was "a huge benefit" for global economy.

Analysts also were encouraged by comments from European Central Bank President Mario Draghi that the bank is ready to immediately expand stimulus efforts to return the eurozone to its inflation objective.

The twin China and ECB moves were "big news," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.

"It's just the prescription the doctor ordered," Skrainka said. "There is a serious risk of deflation in Europe and China was struggling to maintain its growth goal as well."

Equity markets in Britain (+1.1 percent), France (+2.7 percent) and Germany (+2.6 percent) all rose.

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http://www.globalpost.com/dispatch/news/afp/130917/imf-releases-847-mn-euros-bailout-funds-cyprus-0