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Record rise for stocks ahead of employment report

(CNBC) U.S. stocks gained on Thursday, with both the Dow and the S&P 500 advancing further into uncharted territory, after the European Central Bank moved to combat disinflation and investors looked to Friday’s employment report.

“This was a historic move by a major central bank,” Mark Luschini, chief investment strategist at Janney Montgomery Scott, said of the ECB’s decision to cut its key lending rate to 0.15 percent from 0.25 percent and the overnight deposit rate to 0.1 percent from zero, as policy makers attempt to fend off deflation in the region.

The added measures that have the ECB offering banks cheap, long-term funding so long as they use it to hike lending to companies were intended to provide “liquidity into the corporate marketplace, where banks have been reluctant lenders,” said Luschini.