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Dow, S&P hit fresh all-time highs as energy rises 1.5 pct

Stocks rose Thursday, with the Dow and the S&P hitting new all-time intraday highs, amid sharp gains in oil prices and strong quarterly results from retailers.

The Dow Jones industrial average rose about 130 points, with 3M contributing the most gains. The 30-stock index also traded above a previous record high of 18,622.01.

The benchmark S&P 500 advanced about 0.5 percent, with energy rising 1.5 percent. "We have good things happening with the consumer right now," said JJ Kinahan, chief strategist at TD Ameritrade. he also said the positive quarterly results from Alibaba are helping the market, as they show the Chinese consumer is doing well. Alibaba's U.S.-listed shares were up 6.14 percent.

The Nasdaq composite rose about 0.55 percent as Apple and the iShares Nasdaq Biotechnology ETF (IBB) gained 0.4 percent and 1.1 percent, respectively.

"This has been a broad-based rally," said Bruce Bittles, chief investment strategist at Baird. "The market is following the broader trend, which is higher."

U.S. oil settled 4.27 percent higher at $43.49 a barrel on comments from the Saudi oil minister about possible action to stabilize prices and as the International Energy Agency forecast crude markets would tighten in the second half of 2016, a day after falling nearly 2.5 percent amid an unexpected build in inventories. "Oil is about stabilization," said Art Hogan, chief market strategist at Wunderlich Securities. "If we get that above $40, we're going to be OK."

Peter Cardillo, chief market economist at First Standard Financial, said "I think oil is going to stay in this $42-$45 range."

U.S. equities have recently...